Overall, the U.S. hotel industrys occupancy increased 2.5 percent to 61.4 percent, its average daily rate was up 4.2 percent to US$106.10 and its revenue per available room grew 6.8 percent to US$65.17.
The U.S. hotel industry reported growth in all three key performance metrics in 2012, according to data from STR.
Overall, the U.S. hotel industry’s occupancy increased 2.5 percent to 61.4 percent, its average daily rate was up 4.2 percent to US$106.10 and its revenue per available room grew 6.8 percent to US$65.17.
“Fiscal cliffs, hurricanes, elections and, at times, a sense of overwhelming uncertainty did not deter positive 2012 year-end performance results,” said Brad Garner, STR’s COO. “Annualized roomnights sold increased by 3.0 percent in 2012, and outpaced the 2007 previous peak levels by 60 million rooms (1.09 billion rooms in 2012 versus 1.03 billion in 2007). Room rates for hotels increased by over 4.0 percent, pushing industry-wide RevPAR by almost 7.0 percent. The industry was also unencumbered by supply growth of 0.5 percent.
“While the industry’s resolve will continue to be tested with pockets of uncertainty, we anticipate continued growth in all industry performance metrics for 2013,” Garner commented.
Among the Top 25 Markets, Houston, Texas, reported the largest occupancy increase, rising 9.4 percent to 65.4 percent, followed by Nashville, Tennessee (+5.8 percent to 65.6 percent), and New Orleans, Louisiana (+5.5 percent to 67.6 percent). Phoenix, Arizona, reported the only decrease, down 0.4 percent to 57.7 percent.
Oahu Island, Hawaii (+11.2 percent to US$183.51), and San Francisco/San Mateo, California (+10.8 percent to US$171.72), achieved the largest ADR increases for the year.
Seven markets experienced RevPAR growth of 10 percent or more: Oahu Island (+16.7 percent to US$155.37); New Orleans (+14.6 percent to US$89.81); Houston (+13.8 percent to US$61.63); San Francisco/San Mateo (+12.8 percent to US$137.99); Tampa-St. Petersburg, Florida (+11.5 percent to US$63.13); Los Angeles-Long Beach, California (+11.0 percent to US$98.11); and Chicago, Illinois (+10.0 percent to US$83.50).
Washington, D.C., posted the only ADR (-0.7 percent to US$143.84) and RevPAR (-0.5 percent to US$97.09) decreases for the year.
STR will release its 2013 and 2014 forecast at the Americans Lodging Investment Summit on 23 January 2013.
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