Exciting news for the U.S. hotel industry — performance growth is projected through 2017, according to data released in June by STR and Tourism Economics. Hoteliers and employees can rest easy with impressive forecasts signaling strong business.
In total, for 2016, the U.S. hotel industry is expected to realize a 0.4 percent rise in occupancy to 65.7 percent, a 4 percent increase in average daily rate to $124.86, and a 4.4 percent revenue boost per available room to $82.07. Additionally, demand growth will likely surpass supply growth during this time period.
Of all the Chain Scale segments in the U.S., the Independent division is predicted to see the most significant year-over-year rises in occupancy, ADR and RevPAR. Additionally, the Upper Upscale and Luxury sectors are also expected to realize RevPAR growth greater than 4 percent.
Looking Ahead to 2017
Since we’ve already passed the midpoint of 2016, it’s time to start thinking about 2017. STR and Tourism Economics have already begun making predictions for the U.S. hotel industry’s performance in the year ahead, including a 3.8 percent increase in ADR to $129.66, and a 3.8 percent boost in RevPAR to $85.22. Supply and demand are expected to remain at the current rate for 2017.
Since 2010, demand growth in the U.S. has outperformed supply growth, and it appears this will not be changing next year.
Miami’s Hotel Industry is Booming
A destination of the international glitterati for decades, Miami continues to be one of the most popular cities in the world to visit. In October 2015, the Greater Miami Convention & Visitors Bureau (GMCVB) revealed record-breaking travel and tourism numbers for the region. Specifically, Miami and the surrounding beaches saw a 5.4 percent surge in overnight visitors from September 2014 to August 2015.
In total, 15.1 million visitors spent at least one night in the area — a notable increase from the 14.2 million during the same time period the previous year — bringing $25.1 billion to the local economy. With consistently sunny skies and an average temperature of 77 degrees, it’s really no wonder so many visitors choose to visit Miami.
From world-class restaurants to top hotels, Miami’s hospitality industry is thriving. If you’re a skilled professional seeking new opportunities or an employee searching for premier quality talent, RMG Staffing wants to connect with you. Contact us today to discuss how we can be of assistance to you!