Hotel Market Booms/Luxury Chains Expand While Pod Rooms and Hostels Grow in Popularity

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.

Companies like global hotel giants Marriott and Hilton are reporting increasing numbers of business and leisure travelers. Improving business, rising occupancy levels and rising room rates have recently led to both the remodeling of existing properties and the construction of new hotels and motels. Lodging Econometrics estimated 947 new hotels opened in 2018 in the U.S., with another 1,022 under construction as of the end of 2018.

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Hotel Market Booms/Luxury Chains Expand While Pod Rooms and Hostels Grow in Popularity, Business and Industry Trends Analysis

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