Stays In Domestic Hotels Are On The Rise
During the week of April 19th to 25th, the US hotel industry posted positive numbers in the three key performance measurements: average daily rate, occupancy, and revenue per available room. The data collected by STR, Inc. shows that the hotel industry is seeing occupancy up and rates increasing.
When looking at year-over-year measurements, occupancy in US hotels went up 4.3 percent to 69.8 percent. The average daily rate increased 6.5 percent to end out the week at $120.07. Revenue per available room saw a significant increase, up 11.0 percent to $83.86.
In fact, five of the Top 25 markets saw revenue per available room growth of over 25.0 percent. San Francisco/San Mateo went up 42.1 percent to $228.13; Philadelphia-New Jersey went up 36.3 percent to $127.62; Washington, D.C-Maryland-Virginia went up 34.6 percent to $154.19, Detroit went up 33.5 percent to $69.66 and Chicago went up 27.5 percent to $109.97.
San Francisco/San Mateo, Washington, D.C., and Philadelphia all posted increases in their average daily rates of at least 15 percent. Philadelphia and Detroit saw the top occupancy increases at 18.4 percent and 18.2 percent, respectively. All in all, seven markets reported occupancy increases in the double digits.
Ultimately, US hotels are posted to have a lucrative summer, and those who can capitalize on the rising demand will be in a position to post strong numbers through the rest of the year.
Is your hotel taking advantage of the swing towards higher revenue per available room and occupancy rates? For all of your hotel construction needs, contact Parkwest General Contractors. From general contracting to design review to project management we are here to offer our services to ensure your hotel remodel is flawlessly handled from start to finish. To bring your hotel into the modern age, on budget and on time, call us today!
