April U.S. RevPAR Growth Highest in Past Year
Revenue per available room rose by 7.4 percent year-over-year in April, the highest RevPAR gain seen by the U.S. hotel industry in the last 12 months. Occupancy was up by 3.2 percent for the month, and average daily rate rose by 4 percent. Since January 2011, average daily rate has increased by at least 3 percent year-over-year each month. "We expect rate growth to continue unabated for the foreseeable future," noted STR's senior VP of strategic development, Jan Freitag. Supply growth was just 0.8 percent, lower than STR had expected, but that number should pick up in the coming months, Freitag added. Seven U.S. markets enjoyed RevPAR growth beyond 15 percent for the month, including Nashville (up by 23.5 percent); Tampa/St. Petersburg, Fla. (22.1 percent); Dallas (17.8 percent); Orlando (17.8 percent); Boston (17.4 percent); Denver (15.9 percent), and Miami/Hialeah (15.8 percent).