Hotel occupancy will remain at record levels through 2017, according to PKF Hospitality Research/CBRE Hotels (PKF-HR).
In the recently released December 2015 edition of Hotel Horizons, PKF-HR forecasts that the growth in demand for lodging accommodations will exceed the change in supply during each of the next two years. The result will be a national occupancy rate of roughly 66 percent in both 2016 and 2017.
“The fundamental characteristics of the economy remain relatively unchanged, as the labor market continues to improve and GDP growth remains steady if moderate,” stated R. Mark Woodworth, senior managing director of PKF-HR. “Accordingly, our forecasts for demand and average daily rate (ADR) growth remain above the long-run average in both 2016 and 2017.
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