Two things:
(1) Disney say that rooms undergoing maintenance are still counted as part of inventory.
From the 2022 Annual Report, page 45, footnote 5:
Available hotel room nights are defined as the total number of room nights that are available at our hotels and at DVCproperties located at our theme parks and resorts that are not utilized by DVC members. Available hotel room nights include rooms temporarily taken out of service.
Is that still true?
(2) I ask because I was corresponding with someone last week who was trying to reverse-engineer the number of WDW hotel rooms by looking at "occupancy percentage" and "occupied room nights" from a recent 10-K filing.
The issue was that using those 10-K numbers indicated 1,200 more hotel rooms than any other source we could find. A hundred rooms I could understand. But we're talking about two decent-size deluxe resorts' worth of rooms.
My comment was that if the math isn't mathing, it's time to verify the definitions.