Research has revealed the United States hospitality industry experienced healthy growth this year, with continued gains in all major business measurements; demand, occupancy, average daily rates and revenue per available room.
PKF Hospitality Research (PKF-HR) said the lodgings industry healthy upward trend began in the second quarter of 2010 and looking forward, the company is forecasting a perpetuation of this growth through 2016.
RevPAR for U.S. hotels has been projected to grow at a compound annual average rate of 7.2 percent over the next four years, according to the recently released December 2012 edition of Hotel Horizons.
By the close 2013, PKF-HR has forecast the national occupancy rate to be 62.1 percent, surpassing the long-run average of 61.9 percent.
PKF-HR has also forecast ADR gains for all 50 metropolitan areas in the Hotel Horizons universe during 2013.
“Despite all these positives, there is a pall on lodging industry participants induced by the federal budget negotiations,” PKF-HR president R. Mark Woodworth said.
“Hoteliers are eager to begin enjoying what appears to be a four year period of sustained high levels of prosperity – unfortunately, there is so much uncertainty surrounding 2013 that almost no one overtly is showing the optimism that should exist.”
“The good news is that under most every economic scenario, 2014 is shaping up to be a year of strong gains in both occupancy and ADR. Beyond 2014, without any meaningful new supply additions in sight, we should see record profitability.”
Source = e-Travel Blackboard: P.T