Hotel Occupancy Rate Increased Year-over-Year, 2017 will be Record Occupancy Year

From HotelNewsNow.com: STR: US hotel results for week ending 9 December

The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the week of 3-9 December 2017, according to data from STR.

In comparison with the week of 4-10 December 2016, the industry recorded the following:

• Occupancy: +2.7% to 60.7%
• Average daily rate (ADR): +4.0% to US$125.07
• Revenue per available room (RevPAR): +6.8% to US$75.97

Among the Top 25 Markets, Miami/Hialeah, Florida, reported the largest increase in RevPAR (+83.0% to US$234.96), due primarily to the largest lift in ADR (+57.4% to US$272.55). While hosting Art Basel, the market experienced the second-highest rise in occupancy (+16.3% to 86.2%).

Houston, Texas, saw the largest increase in occupancy (+17.5% to 73.5%), which produced double-digit growth in RevPAR (+22.6% to US$81.63).
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Note: The hurricanes continue to drive demand in Texas and Florida, especially in Houston.

The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average.

The red line is for 2017, dash light blue is 2016, dashed orange is 2015 (best year on record), blue is the median, and black is for 2009 (the worst year since the Great Depression for hotels).

Currently the occupancy rate, to date, is ahead of the record year in 2015.  The hurricanes will push the annual occupancy rate to a new record in 2017.

Data Source: STR, Courtesy of HotelNewsNow.com