STR: US hotel performance for year-end 2014
During 2014, the U.S. hotel industry’s occupancy was up 3.6% to 64.4%; its ADR rose 4.6% to $115.32; and its RevPAR increased 8.3% to $74.28.
The U.S. hotel industry reported positive results in the three key performance metrics during 2014, according to data from STR, Inc. Overall, in year-over-year results, the U.S. hotel industry's occupancy was up 3.6 percent to 64.4 percent; its average daily rate rose 4.6 percent to US$115.32; and its revenue per available room increased 8.3 percent to US$74.28.
"The U.S. hotel industry experienced a great year and ended 2014 on a positive note," said Amanda Hite, president and COO of STR, Inc. "The year's performance broke several records thanks to continued strong demand growth.
"ADR and RevPAR for the year were the highest ever recorded by STR, and we expect more growth in 2015," she added, noting that the company is forecasting a 5.2-percent increase in ADR and a 6.4-percent increase in RevPAR for the year.
Twelve of the Top 25 Markets reported double-digit RevPAR increases. Topping out the list were: Nashville, Tennessee (+19.0 percent to US$84.20); Denver, Colorado (+16.2 percent to US$84.86); and Atlanta, Georgia (+13.1 percent to US$62.66).
Two markets reported double-digit ADR increases: Nashville (+12.8 percent to US$116.86) and San Francisco/San Mateo, California (+10.9 percent to US$207.81).
Atlanta, Georgia, reported the highest occupancy increase for the year, rising 8.1 percent to 68.2 percent. Denver followed with a 6.5-percent increase to 75.4 percent.
None of the Top 25 Markets reported decreases in the three key performance metrics for the year.
Quarterly results
STR, Inc. also released U.S. performance results for the fourth quarter of 2014. The industry reported positive results in the three key performance metrics during the quarter.
In year-over-year measurements, the overall U.S. hotel industry saw an increase in occupancy of 4.2 percent to 59.8 percent. ADR increased 4.5 percent to US$115.14, while RevPAR was up 8.9 percent to US$68.87 during the quarter.
Among the Top 25 Markets, Washington, D.C.-Maryland-Virgina, led in occupancy with a 7.3-percent increase to 63.4 percent. Nashville led in both ADR and RevPAR, with ADR growing by 12.0 percent to US$119.64 and RevPAR finishing up 20.0 percent to US$82.61.
About CoStar Group, Inc.
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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