STR: Summer hotel performance exceeds expectations
October 07, 2011 | Hotel Marketing
June, July and August each set individual records in their respective months for the most roomnights sold in the history of the U.S. hotel industry. July set the single highest monthly tally ever with more than 105 million roomnights sold - a 3.5% increase over July 2010.
With much of the nation talking about macroeconomic volatility, a potential double-dip recession, the European Union, and other speed bumps looming over the horizon, it can be helpful to examine the recent reality embedded within the performance data.
Fortunately, the recent past for the U.S. hotel industry paints a picture of steady recovery in room demand, which increased 4.2% during June, July and August.
In fact, the summer travel season was stronger than we expected. STR’s initial forecast for the three-month period, which we published in April, projected only a 2.5% gain in hotel demand. But as U.S. consumers continued to exercise their summer vacation birthright and corporations, armed with flush balance sheets and healthy profits, increased their travel budgets in earnest, demand for hotel rooms swelled to record-setting levels.
Get the full story at HotelNewsNow.com
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