It’s a sentiment we hear more and more of. The hotel industry is recovering and making money again.
We view the hospitality glass as half full here at The Refinishing Touch so we never doubted what we heard from our friends in the industry, however it’s heartening to see data to back up hope.
According to data from STR, occupancy across the industry was up close to six percent this January from last year, and the average rates of rooms around the country increased by nearly three percent. What was most surprising and uplifting was that Detroit saw the largest increase in occupancy at 14 percent. It’s still too early to say for sure, but if these rates continue, Detroit may finally be picking itself off the ground and re-establish itself as a major travel destination.
As always there is an opposite end of the spectrum. In Miami, occupancy rates dipped by a mere 0.8 percent year-over-year, representing the biggest decrease in the country. For an area as active as Miami, the drop should hardly be noticed. Additionally, the biggest average daily rate decreases were minimal as Virginia Beach and Tampa saw drops of under three and one percent respectively.
We say it all the time, but there is still work to be done for hospitality to return to prominence. Thankfully the task doesn’t seem as daunting when we see results such as this, especially concerning areas such as Detroit – places hardest hit during the recession across all industries – experience revivals. We will continue to view the cup as half full and are excited to see not only hospitality but the country in general get back to where it belongs.