Research has revealed the US hospitality industry experienced healthy growth this year, with continued gains in demand, occupancy, average daily rates and revenue per available room.
According to PKF Hospitality Research (PKF-HR), the accommodation industry’s healthy upward trend began during the second quarter of 2010, and looking forward, the company is forecasting a perpetuation of this growth until 2016.
RevPAR for US hotels has been projected to grow at an annual average rate of 7.2 percent over the next four years, while by the close of 2013, PKF-HR has forecast the national occupancy rate to be 62.1 percent, surpassing the long-run average of 61.9 percent.
It is not all good news for the accommodation sector however.
“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