Preliminary STR Data Reveals Strong 2012 for Hotels
by Michael J. ShapiroDecember 19, 2012
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The U.S. lodging industry should post strong numbers for the year, according to preliminary data from STR. Based on data through November, the hotel research provider forecasts year-over-year increases of 2.3 percent in occupancy, to 61.3 percent; 4.3 percent in average daily rate, to $106.17; and 6.6 percent in revenue per available room, to $65.08. Demand continues to outpace supply growth, with a forecasted 2.8 percent jump in the former, compared with just 0.5 percent more supply. "The industry has experienced back-to-back years of record demand, which, coupled with limited supply growth, has fueled the increases in the other measurement categories," said Amanda Hite, STR's president. "It's been near ideal conditions for the industry to finally put the recession in the rearview mirror." The results are in line with what the company previously forecasted, according to STR's COO Brad Garner. In January, the company will release final year-end 2012 results, along with forecasts for 2013 and 2014.