The nation’s hotel industry is set for another solid year in 2017, with the industry seeing higher room revenues and a greater number of newly delivered hotel rooms, according to the latest hospitality report from Marcus & Millichap.
In more good news, both average daily rates and revenue per avaialble room should increase this year. Marcus & Millichap predicts that the U.S. hospitality industry’s average daily rate will increase 2.8 percent. This increase is a bit slower than last year’s 3.1 percent gain. Marcus & Millichap attributes this to increased competition from new hotels and home-sharing services.
Revenue per available room will also see a small increase, rising by 2.4 percent this year when compared to 2016.