Home Hotels & MICE US hotels enjoy record-breaking year

US hotels enjoy record-breaking year

More rooms sold than ever, with more revenue than ever

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More rooms sold than ever, with more revenue than ever
It was a record-breaking year for the US hotel industry, preparing for even more growth in the years to come, a prominent expert in the field proclaims.
In 2014, more rooms were available than ever (1.8 billion), more were sold than ever (1.1 billion) and more room revenue was made than ever ($133 billion), says Jan Freitag, senior vice president for strategic development at hotel market analysts STR.
It was also the year of the highest average daily rate ($115) and revenue per available room ($74). RevPAR grew 8.3% – the second biggest rise ever (after +8.6% in 2005). ADR growth increased +4.6%.
However, after reaching this peak, RevPAR growth may slow in 2015. Freitag expects demand will keep growing, but supply will be checked by mounting development costs.
“Overall, we expect smooth sailing for the next 24 months and RevPAR growth of 6.4% in 2015,” he says.
HotelNewsNow
[pictured: InterContinental New York Barclay; courtesy IHG]

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