Meetings and Conventions - TravelClick: North American Hoteliers Will End 2017 on a Strong Note, Thanks to Group Bookings
According to TravelClick's "November 2017 North American Hospitality Review," all travel segments across the North American hotel industry are seeing a noticeable increase in both average daily rates and occupancy, up by 1.4 percent and 3.9 percent, respectively, for stays booked by November 1, 2017, for the period of November 2017 to October 2018.
Hoteliers are also experiencing a particularly strong uptick when it comes to bookings for both the group and transient leisure segments, up 5.5 percent and 4.3 percent respectively - largely a result of favorable economic trends, coupled with an increase in holiday travel this year. Additionally, ADR is up 1.9 percent for group travel.
"Significant revenue-per-available-room growth accompanies these year-end increases in ADR and bookings, and hoteliers should relish the current state of the industry and enjoy the holiday boost consequently," said John Hach, TravelClick's senior industry analyst. "This last quarter has given hoteliers much promise heading into the New Year, especially considering the inconsistent market that we experienced throughout most of 2017."
For the next 12 months - November 2017 - October 2018 - transient bookings are up by 4.6 percent year-over-year, while group bookings are up by 1 percent in committed room nights over the same time last year, and ADR is up by 1.8 percent.
"While these fourth-quarter numbers are a breath of fresh air, hoteliers shouldn't lose sight of the preparations that are needed for the post-holiday season, especially given the weakness in first-quarter 2018 group-committed occupancy," added Hach. "Given this news, hoteliers need to make proactive decisions and take advantage of business-intelligence tools and forward-looking data so that they can plan accordingly in the coming months and stay ahead of the competition in 2018 and beyond."
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