Commercial Real Estate Direct Staff Report
Hotel occupancy rates increased by 90 basis points during the first quarter, when compared with a year ago, while average daily room rates increased by 2.5 percent to $124.27, according to STR. That pushed up the all-important revenue per available room, or RevPAR, metric by 3.4 percent to $75.92.
It was the strongest period on record for all three metrics, but STR noted that the results were boosted by the presidential inauguration and a large women's march in Washington, D.C., in January. In addition, the fact that Easter was in April, as opposed to March as it was last year, also helped this year's data.
Meanwhile, hotel supply during the latest quarter was up by 1.9 percent, the biggest increase in nearly seven years. That was on top of the 1.6 percent supply growth for...
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