PKF Hospitality Research boosted its revenue forecast for U.S. hotels this year, and said the industry is partway through the longest growth period for occupancy rates on record.
U.S. revenue per available room (RevPAR) will rise 5.8% this year primarily on a 4.1% increase in average room rate, PKF said. The research firm boosted its forecast from January's estimate of a 5.4% RevPAR increase.
PKF said said U.S. RevPAR rose 8.2% in 2011.
Occupancy will increase every year through 2015, making the six-year string of occupancy gains that started in 2010 the longest on record. With room supply growing at less than 1% per year, U.S. room rates will rise at least 4% a year through 2014, according to PKF.
Meanwhile, Expedia’s Hotels.com division said this week that North America room rates rose 5% last year.
Hotels.com also said that the most popular U.S. destination for overseas tourists last year was New York, followed by Las Vegas, Orlando, Miami and Los Angeles.
New York, along with Honolulu, New Orleans and San Francisco, had at least a 10% increase in daily room rate last year, according to Hotels.com.
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