LOS ANGELES — U.S. lodging forecasters differ on their growth projections for revenue per available room (RevPAR) in 2014 and 2015, but the consensus is that 2014 growth will at least match what was achieved in 2013.
A limited supply of new hotels will help drive up the average daily rate this year and next, spurring growth in RevPAR, according to Mark Woodworth, president of PKF Hosnpitality Research.
U.S. RevPAR will grow 6.6% this year and 7.5% in 2014, PKF said. RevPAR grew 5.4% in 2013, PKF said.
Jan Freitag, STR's senior vice president of strategic development, was less sanguine, forecasting RevPAR to grow 5.3% this year and 4.7% in 2014.
Freitag said the average daily rate won't change much during the next couple of years, while group demand will continue to lag demand by individual leisure and business travelers.
Freitag and Woodworth presented their findings on Tuesday at the Americas Lodging and Investment Summit in Los Angeles.
Meanwhile, PricewaterhouseCoopers (PwC) forecasted U.S. RevPAR to advance 6% this year, falling in between forecasts by STR and PKF.
Occupancy will increase to 63.2% this year from 62.3% in 2013 and match the pre-recession high of 63.2% in 2006, forecasted PwC.Follow Danny King on Twitter @dktravelweekly.