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

The hotel industry has been enjoying significant growth in recent years.  For 2016, STR Global reported that average U.S. hotel occupancy reached 65.5%.  Marriott reported a 1.8% worldwide REVPAR (revenue per available room) increase during 2016, to reach $113.50.  Average daily rates were up 1.0% on a constant dollar basis to $156.53, while occupancy increased 0.6%, over the previous year, to 72.5%.  The company acquired Starwood Hotels and Resorts Worldwide for approximately $12.2 billion in September 2016.  By the end of 2016, the firm had almost 1.2 million rooms worldwide under 30 brands, making it the world’s largest hotel firm.…

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