Marketview Snapshot U.S. Hotels Q4 2016
Lodging demand grew 2.3% year-over-year in Q4, compared with 1.6% in Q3. The solid demand gains pushed up occupancy by a half percentage point to 60.7% in Q4—the highest fourth-quarter occupancy level since STR began recording this metric in 1987.
The year-over-year number of available rooms nationally increased slightly by 1.7%. Rooms under construction grew 2.2% from the Q3 total to about 187,000 units, with another 150,000 rooms expected to open within 12 months.
Despite record occupancy, overall ADR growth was somewhat muted in Q4 at 2.6%. Economy hotels had the largest ADR growth at 3.2% in Q4 compared with a year earlier.
About CBRE Hotels
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 375 dedicated hospitality professionals located in 60 offices across the globe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world"s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.