STR releases updated 2013, 2014 forecasts
The U.S. hotel industry expects to see performance increases during 2013 and 2014, according to the most recent forecast from STR, in partnership with Tourism Economics. Overall, in 2013 occupancy is expected to rise 0.8 percent to 61.9 percent, average daily rate is forecasted to increase 4.9 percent to US$111.27 and revenue per available room is expected to grow 5.7 percent to US$68.86.
"Pretty much across the board you can see that all of the segments had a very nice rebound in demand," said Randy Smith, co-founder and chairman at STR, on Tuesday during the Americas Lodging Investment Summit. "Taking a look at the occupancies and ADRs, this is just about as good as we can hope for it to be. All of the segments are seeing very solid increases in occupancy and ADR. Getting into our forecast, where we are at this point, we do not expect supply growth to be an issue. We're a little bit more positive this year than last year on ADR growth."
The forecasted ADR would surpass the 2008 peak level (US$107.41), and the projected RevPAR would surpass the 2007 peak level (US$65.56).
Supply in 2013 is forecasted to rise 1.0 percent, and demand is projected to be up 1.8 percent.
The forecast for 2014 includes:
- a 1.3-percent increase in occupancy to 62.7 percent;
- a 4.6-percent rise in ADR to US$116.43;
- and a 6.0-percent growth in RevPAR to US$72.97.
In 2014, supply (+1.5 percent) and demand (+2.8 percent) are both projected to increase.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
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