Friday, August 25, 2017

Hospitality News For The Week Of 8/25/17

Solar Eclipse 2017: Hotels in Path of Phenomenon Ready to Cash in

This past week’s total eclipse of the sun had a positive impact upon hotels located in its direct path. Travelers seeking a glimpse of the rare astronomical event drove up revenues for hoteliers in a pathway extending diagonally across the U.S., beginning in Oregon and ending in South Carolina. In South Carolina for example, some hotels experienced new property records in terms of average daily rate. Many creative hoteliers across the area of totality fully leveraged the event by hosting viewing parties. FullStory Here:

The U.S. Hotel Industry Modest RevPAR Growth [+0.8%] In July

The U.S. hotel industry experienced mixed performance during the month of July 2017, according to figures published by STR. Industry-wide occupancy was down slightly at -0.5 percent to finish the month at 73.8 percent. Average daily rate was higher by +1.4 percent for the month, ending up at $130.85 for the month of July. As a result of supply growth near 2 percent, revenue per available room saw its lowest growth figure in over 7 years, finishing the month up only +0.8 percent at $96.62. Full Story Here:

CBRE: Hotel industry outlook remains positive

According to a new report published by CBRE Hotels America Research, the U.S. hotel industry should see continued growth in performance measurements during 2018 but at a reduced growth rate. CBRE recently released its Hotel Horizons report which forecasts a 0.1 percent increase in occupancy industry-wide, with a projected 2.3 percent increase in average daily rate. CBRE expects revenue per available room to also rise by 2.4 percent during 2018. Full Story Here:

STR: U.S. hotel results for week ending 19 August

The U.S. hotel industry reported increases in all three of the key measurements of hotel performance during the week of 13-19 August 2017, according to STR. Compared to the same time period last year, industry-wide occupancy rose +1.4 percent to reach 72.3 percent by the end of the week. Average daily rate climbed up by +2.1 percent to finish at $127.12 for the week. Revenue per available room jumped up +3.5 percent for the week at $91.85. Full Story Here:

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