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US hotel industry sees increases in all critical categories
Good news continues for US hotel recovery with reported increases in all three key performance metrics in 2011, according to data from STR.
Overall, the US hotel industry’s occupancy rose 4.4 percent to 60.1 percent. In addition, its average daily rate was up 3.7 percent to US$101.64 and its revenue per available room increased 8.2 percent to $61.06.
"2011 was the first time since 2008 that the industry ended the year with occupancy of more than 60 percent and an ADR of more than US$100," said STR.
The industry reported a 0.6-percent increase in supply in 2011 and a 5.0-percent demand increase for the year. Demand has increased 5.0 percent or more only three times since 1987.
"2011 was a strong year for the US hotel industry," said Randy Smith, co-founder and chairman at STR. He added:
"Room-supply growth continued to drift downward as room demand reached record levels during the year. Though occupancy and ADR were still below 2007 and 2008 levels, it was still encouraging to see the industry experience a solid rebound during a period of considerable economic difficulties."
As for this year, "the hotel industry will face tough year-over-year comparisons, though we are still optimistic," Smith said. "With modest gains in occupancy and stronger increases in room rates, we expect RevPAR to increase about 4.3 percent in 2012."
Detroit, Michigan had the largest occupancy incresase, up 10.2 percent, among among the "Top 25 Markets."
Detroit was followed by Tampa-St. Petersburg, Florida, with a 9.7-percent increase to 60.5 percent.
San Francisco/San Mateo achieved the largest RevPAR increase, rising 19.7 percent to $122.54, followed by Nashville (+14.8 percent to $58.01) and Miami-Hialeah (+14.1 percent to $115.65).
By David Wilkening
David
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