The U.S. hotel industry during the month of July recorded a year-over-year dip in occupancy for the first time in 12 months, according to STR.
Occupancy decreased 0.2% to 73.6%, while average daily rate increased 2% to $133.44.
The industry's year-over-year supply growth, 2.1%, outpaced demand growth, 1.9%, leading to the occupancy decline, according to STR senior vice president of lodging insights Jan Freitag.
Despite the imbalance during July, STR recently revised its forecasts for 2018 and 2019 to reflect continued strong demand.
Among the top 25 markets by hotel supply, Phoenix reported the largest year-over-year increase in occupancy, 6.6% to 60.1%, while Miami recorded the steepest decline, 5.2% to 76.3%. San Francisco saw the largest ADR climb, 9% to $256.50, and Washington, D.C. posted the largest decrease, 2.6% to $139.95.
Source: Business Travel News