THE U.S. HOTEL industry is closing in on 100.
RevPAR grew by 3.3 percent in May, marking 99 months in a row that the metric has increased, STR reported today.
In a year-over-year comparison with May 2017, the industry posted the following:
- Occupancy: up 0.7 percent to 68.2 percent
- ADR: up 2.6 percent to $129.90
- RevPAR: up 3.3 percent to $88.59
“Growth wasn’t as strong as the previous two months, but solid increases across the metrics delivered another month with record-breaking performance on both a monthly and annualized basis,” said Bobby Bowers, STR’s senior vice president of operations.
“We had seen ADR increases of more than 3 percent in March and April, so that same level of pricing power wasn’t there, but with demand accelerating and supply growth remaining moderate, the industry looks to be in great shape as we hit the busy summer season.”