The conference keyed in on ways for independent hotels to gain ground in today’s market, from financing avenues to booking channels. Changes in consumer behavior, with tastes favoring the hotel “experience” more than price or brand, were a highlight.
Thanks to energy-driven demand, Houston achieved record occupancy levels in 2014. The recent fall of oil and gas prices and more than 5,000 new rooms on the horizon poses a challenge to market-wide occupancy, though average rates continue to climb.
Commercial, leisure, and meeting and group demand has risen in the Boston market over the past two years, resulting in near-record occupancy levels for hotels. Though new supply is set to arrive over the next 2 years, demand is expected to hold pace.
Occupancy in Greater Philadelphia rose above 67% in 2014, and average rates continue to gain ground. The arrival of new supply in Center City next year is expected to have a minimal impact on occupancy, and rate growth should endure in the near term.
The North American hotel industry is still firing on all cylinders, with year-to-date occupancies at an all-time high. While some markets face challenges from new supply, prospects appear healthy in the near term.
With demand driven by energy, health care, and shipping, Houston’s hotel market reached historically high occupancy and average rate in 2013. The following article tracks trends in hotel supply, demand, and performance across the city’s submarkets.