How often are changes to how Markets and Tracts are defined made?

The definition of Markets and Tracts in the hotel industry is typically updated on an annual basis. This is important because the hospitality sector is dynamic, with frequent changes in demographics, economic conditions, and travel patterns that can impact how these areas are characterized.

Annual updates ensure that market definitions remain relevant and reflective of current conditions, enabling hotel operators and investors to make informed decisions based on the most accurate and up-to-date data available. This regular revision allows the industry to adapt to shifts in customer behavior, tourism trends, and market demands, ultimately supporting effective strategic planning and performance benchmarking.

By contrast, changes occurring less frequently, such as every two years or even a decade, would not capture the rapid evolution often seen within the hotel market, potentially leading to outdated strategies and missed opportunities.