PKF: Record U.S. Occupancy Levels Predicted for 2015
In its latest updated forecast, PKF Hospitality Research is projecting record occupancy levels for 2015. According to the September 2014 edition of PKFHR's Hotel Horizons, U.S. hotel occupancy next year will reach 65 percent, a record for the industry. The previous high was in 1995, when levels reached 64.8 percent. "Demand is continuing to outperform even our strong estimate [for] this year," said Jamie Lane, senior economist at PKFHR. Smith Travel Research, by comparison, is forecasting a 64.2 percent occupancy for year-end 2015. Both numbers represent a significant increase over the past few years. In addition to high occupancy, PKF is forecasting a 5.7 percent increase in the average daily rate for 2015.