Underwhelming rate growth discussed at Memphis hotel summit

08/23/2013 | HotelNewsNow.com

STR's Senior Vice President Jan Freitag reported during the Southern Lodging Summit in Memphis, Tenn., that average daily rate grew 4% in 2013 through July amid significant gains in the rest of the industry's performance metrics. "What happened last year was the best supply/demand equation in our generation. We had a great chance to increase ADR and we didn't. I think we're going to look back at this time in history and say we really, really missed the boat," Freitag said. Hotel executives offered possible reasons for the weak ADR growth, including a soft group market, widespread room discounting and a lag in reinvestment by hotel owners.

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