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January 2012 Looking Forward
The U.S. hotel industry during 2011 opened 373 new properties with 38,409 rooms,representing a 0.5% increase in existing room supply, while the Canadian hotel industryopened 34 new properties comprising 3,377 rooms, representing a 1% increase in newsupply, according to data from the STR/McGraw Hill Construction Dodge Pipeline Report.
In the United States, among the chain-scale segments, the upper-midscale segment opened the most rooms in 2011 with 172 projects and 15,579 rooms. The segment reported a 36.6% decrease in the number of rooms that opened in 2011 compared to 2010.
In 2012, the U.S. hotel industry is expecting 649 properties to open with 70,291 rooms. The upper-midscale segment is expected to open the largest number of rooms in 2012 with 249 properties and 24,269 rooms.
Trends that will shape US hotel industry in 2012
To examine the trends that shaped and will shape the U.S. hotel industry, STR's VP of global development Jan Freitag, examined last year's performance and looked at the major issues facing the U.S. hotel industry.
2011, he said, was a rebound year and performance results were strong but mostly driven by easy comparables. Room demand increased by 5%, to more than 1.06 billion, the highest number of rooms ever sold. That's an indicator demand from all major sources (business transient, leisure and group) was strong and is expected to remain strong. At the same time, given the lack of available financing, room supply growth was extremely muted and so the number of rooms available grew only 0.6%. This, in turn, led to positive occupancy growth across the board, as well as some pricing power. The year-end U.S. average daily rate was approximately $101, up 3.6% from 2010. Revenue per available room for the nation increased a very healthy 8.2% to $61.
Based on a macroeconomic forecast for gross-domestic-product growth of approximately 2.2% in 2012—among other things—STR expects room rates will grow approximately 3.5%, Freitag said. The occupancy will not move much (+0.2%) based on a supply and demand growth that is in equilibrium, leading STR to its 2012 RevPAR forecast of +3.7%. This certainly is a far cry from the 2011 performance, but nonetheless slow and steady growth.
"All endings are also beginnings. We just don't know it at the time."
-Mitch Albom
Jan Chargois, Principal broker
INTERNATIONAL MOTEL BROKERS, LLC
Give me a call at: (503) 635-7070
jchargois@IMhotelBrokers.com
When it's absolutely time to get the job done contact:
Jan Chargois, Principal Broker, Oregon
Call 503.635.7070 Email jchargois@IMhotelBrokers.com
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