2017 Hotel Industry and Arizona Outlook
2017 Hotel Industry and Arizona OutlookKeeping on point with hotel industry trends and forecasts along with a razor-focused local outlook is critical for property profitability. By all accounts, much of the U.S. hotel industry has recovered from the recent recession. However, severely affected Arizona is still experiencing market increases. That's great news. In fact, forecasted market trends for 2017 include*:
- Occupancy of approx. +3%.
- Hotel with group space with 1.8% increase
- Transient at about 1.3% in occupancy
- Largest revenue opportunity is in average rate with a 5% lift over 2016
- Food and beverage revenues targeted with positive increase.