Reprinted from an article by Danny King today in Travel Weekly:
Steady growth in U.S. hotel demand won’t be tapering off soon, according to reports released Monday by PricewaterhouseCoopers (PwC) and Smith Travel Research (STR).
Growth will keep a steady pace through next year predominantly on room-rate increases, according to PWC.
Revenue per available room for 2013 will rise 5.6% in 2013 on a 4.8% increase in room rates, PwC said. Occupancy will hit 61.7%, which would mark four straight years of occupancy increases from a 54.6% rate in 2009.
As for 2012, PwC maintained its forecast for 6.5% RevPAR growth. U.S. RevPAR increased 8.2% last year.
Such forecasts were echoed, albeit cautiously, by hotel leaders speaking at the New York University International Hospitality Industry Investment Conference in New York on Monday morning.
“Performance still looks really good, but we’re worried about Europe, and we’re increasingly worried about domestic politics,” said Marriott International CEO Arne Sorenson on a conference panel. “Let’s hope that, like last year, business continues to perform strong.”
Dave Hogg – “Good news!”