The hotel industry has been enjoying significant growth in recent years. For 2018, STR Global reported that average U.S. hotel occupancy reached 66.2%, up from 65.9% in 2017 and 65.5% in 2016.
Marriott reported a 2.6% worldwide REVPAR (revenue per available room) increase during 2018, to reach $118.27. Average daily rates were up 2.1% on a constant dollar basis to $182.11, while occupancy fell 0.2% from the previous year, to 72.0%. The company acquired Starwood Hotels and Resorts Worldwide for approximately $12.2 billion in September 2016.dramatically boosting its total room count. By the end of 2018, the firm had a record 1.3 million rooms worldwide under 30 brands, making it the world’s largest hotel firm.
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