Meeting Mentor Magazine

September 2020

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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ConferenceDirect is a global meetings solutions company offering site selection/contract negotiation, conference management, housing & registration services, mobile app technology and strategic meetings management solutions. It provides expertise to 4,400+ associations, corporations, and sporting authorities through our 400+ global associates. www.conferencedirect.com

About MeetingMentor
MeetingMentor, is a business journal for senior meeting planners that is distributed in print and digital editions to the clients, prospects, and associates of ConferenceDirect, which handles over 13,000 worldwide meetings, conventions, and incentives annually. www.meetingmentormag.com

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