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| R. Mark Woodworth |
Atlanta, GA – U.S. hotels
enjoyed another year of life at the performance peak in 2016 and are forecast
to continue to live the high life in 2017.
According to the recently released March 2017 Hotel Horizons® forecast
report from CBRE Hotels’ Americas Research, rooms revenue (RevPAR) grew for a
seventh consecutive year in 2016, and the prospects for RevPAR growth are
projected to be solid for the foreseeable future.
What is surprising,
however, is the impetus for sustained revenue expansion comes from some
unexpected sources.
”The hotel business is
cyclical. The upper-priced properties
led the U.S. lodging industry out of the recession and have continued to
achieve occupancy levels in excess of 70 percent. However, recently it has been the
lower-priced properties that have shown the greatest gains in RevPAR,” said R. Mark Woodworth, senior managing
director of CBRE Hotels’ Americas Research.
“In the past five years,
RevPAR for U.S. hotels increased at compound annual rate (CAGR) of 5.7
percent. The only chain-scale close to achieving
this pace of revenue growth was the economy segment whose average annual RevPAR
increase was 5.6 percent during this period.
That means independent and economy chain-affiliated properties have been
the primary drivers of the industry’s recent strong performance.”
For a complete copy of the company’s news release,
please contact:
Chris Daly, media
(703) 435-6293
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