The shutdown proved a proverbial death knell for hotels in the month. In addition to decreased occupancy, the market reported a consistent decline across all revenue centers.
Hotels Target Millennials, Prioritize Green Sustainable Initiatives, Advance Technology
The U.S. hotel industry reported occupancy dropped 2.4% to 66.8% during the week of 3-9 March. ADR rose 0.8% to $132.01, but RevPAR decreased 1.7% to $88.15.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.