U.S. hotels should see gains in all major metrics in 2014, according to the June 2013 edition of Hotel Horizons, issued by PKF Hospitality Research. The advisory firm is projecting a 7.7 percent increase in revenue per available room in 2014, as well as a 15.4 percent rise in net operating income. Any factors inhibiting hotel performance this year should subside as 2013 progresses, according to PKF-HR president R. Mark Woodworth. "By 2014, any uncertainty caused by fears of fiscal cliffs and sequestration should be alleviated, thus resulting in improved attitudes among hotel guests, owners and operators." The report calls for a 3.3 percent rise in lodging demand, coupled with a supply increase of just 1 percent, resulting in a projected occupancy rate of 63.8 percent in 2014. That would be the highest annual occupancy rate since 1997. Occupancy is expected remain above 70 percent in upper-tier hotels through 2017. Rate growth should gain more traction as well by 2014, with increases between 5.4 and 6.4 percent. According to the Hospitality Investment Survey just completed by PKF-HR, these positive projections, coupled with improved access to capital over the next two years, have made hotel owners, investors and debt providers optimistic about investments in 2013 and 2014.