Disney takes blocks of rooms out-of-service when hotel occupancy dips, but these rooms typically are still counted as Available Room Nights.
For example, in 2019 when domestic hotel occupancy was 90%, Available Room Nights was 10,030.
In 2022 when domestic hotel occupancy was 82%, Available Room Nights was 10,073.
There's no funny business going on here. WDW's hotel occupancy and theme park attendance numbers are OK but not what they were in 2015-2019, which now might be perceived by some as the normal baseline.
I suspect that many Disney executives had high hopes with the theme park changes and 50th anniversary celebration. COVID, inflation, and reduced International Guest visitations have messed with corporate Disney's plans - I'm not sure where WDW is going to land.
It will be interesting to see if Universal's third theme park brings in more visitors to WDW or simply cannibalizes WDW.
From what has been announced, there's nothing for WDW fans to get excited about for the next five years, so WDW might sink or swim based on how the public reacts to Epic Universe.