Meeting Mentor Magazine

June 2024

U.S. Hotels’ Record Streak Continues

The U.S. hotel industry is expected to continue posting “record-breaking performance levels through 2019,” according to a revised forecast by STR and Tourism Economics.

Record-level industry fundamentals are being driven by strong demand from business and leisure as well as “solid economic indicators and a room construction total that represents just 3.6 percent of existing supply,” said Amanda Hite, STR’s president and CEO in a statement.

The latest forecast projects a 2 percent increase in supply for 2018, which will be surpassed by a 2.4 percent bump in demand. Occupancy growth is expected to be 0.4 percent, but average daily rate is forecast to rise 2.5 percent this year, with a 2.9 percent increase in RevPAR (revenue per available room).

For 2019, the forecast calls for demand growth to continue to outpace that of supply, at 2 percent compared to 1.9 percent. Occupancy is expected to grow just 0.1 percent to 66.2 percent. Also forecast for 2019: a 2.3 percent lift in average daily rate to $132.74 and a 2.4 percent rise in RevPAR to $87.93.

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