According to the December edition of the PKF Hospitality Research’s Hotel Horizons forecast report, every segment of the US lodging industry is set to enjoy strong performance for the foreseeable future. This positive outlook stems from a perfect storm of good economic news, including rising levels of employment, low-energy prices for hoteliers and travelers, and the continued geographic expansion of the national economic recovery.
Previous research from PKF-HR revealed that improvements in employment have an enormous impact on the performance of lower priced chain hotels, while hikes in income heighten demand for higher priced lodging.
R. Mark Woodworth, president of PKF-HR, told HotelNewsNow: “No matter what hotel performance indicator you look at for any type of hotel, we foresee extremely favorable movements the next few years. We are projecting demand growth to outpace changes in supply in the US through 2016, resulting in industry-wide occupancy levels at, or above, all-time record levels through 2017.”
To secure maximum occupancy throughout this predicted upswing in business, it is now vital that all forward-thinking business owners and managers across the US lodging industry ensure that their properties are in optimal shape.
An unbeatable, affordable and environmentally safe way to make travelers happy and drive repeat business in the long term is efficient furniture asset management. Here at The Refinishing Touch we have been helping the hospitality sector restore furniture assets through innovative refinishing, reupholstery and remanufacturing techniques for almost four decades, so we are poised and ready to help our customers get into the best possible shape to secure maximum room rates over the next few years.
Woodworth summed up the good news: “Employment gains translate into strong revenue per room (RevPAR) forecasts for all segments of the US lodging industry. With scarcity now a reality for consumers in many markets for a growing number of property types, hotel operators will have the leverage they need to drive room rates well above the pace of inflation. Real average daily room rate (ADR) growth driving RevPAR will contribute to a six year period of double-digit increases in hotel profits; something we have not seen in the 78 years PKF has been tracking the US lodging industry.”