STR and Tourism Economics recently hosted a Market Forecast & Hotel Industry Outlook Webinar, during which they predicted that economic conditions will support the continued growth of the lodging industry. Average daily rate grew 4.5% in the first quarter, driving revenue per available room to an increase of 6.4%, said Bobby Bowers, senior vice president of STR. Bowers says rates should continue to drive revPAR growth for the next two or three years. "We're in a growth phase of just under three years. Hopefully, we'll see more years of revPAR growth as we move into this trend," Bowers said.
Published in Brief: