July Breaks U.S. Hotel Occupancy Record
Smith Travel Research (STR) reported that the industry sold more rooms in July 2012 than in any other single month since STR began tracking industry performance in 1987.
STR's COO Brad Garner said, "Record levels of demand will continue to stimulate ADR growth, particularly as group rooms sold firms in the historically heavy convention months of September, October and November. Discount-conditioned consumers will continue to experience a shift to a seller's market with magnitude likely accelerating in 2013."
STR also reported that the U.S. hotel industry achieved a net income of approximately $33 billion or 21.4% of total revenues during 2011- a healthy increase over 2010 levels.
A recent PKF Hospitality Research survey forecasted that on any given night in 2012 nearly 3 million of the nation's 4.8 million hotel rooms will be occupied. This is 5.6% greater than the levels of lodging demand accommodated in 2007, the year prior to the recession.
Given the dire predictions of economic dooms by certain political analysts, the reports above forecast an improved future for the U.S. hotel industry.
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