MMI: July Hotel Occupancy Hits New High
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New York City hotel occupancy reached 88/6% for the month in Jul.
CALABASAS, CA—With the lodging sector’s upswing now in its fifth year and showing few signs of losing steam,Marcus & Millichap says the latest monthly numbers attest to the industry’s strength. July saw the highest-ever recorded monthly occupancy rate, a metric that in turn helped lift other performance measures.
Room nights across the US increased 3.5% last month to drive up nationwide occupancy to 75.3%, a year-over-year increase of 170 basis points. ADR rose 5.9% and accounted for most of the 8.3% improvement in RevPAR seen in July, an increase that MMI says illustrates the “considerable latitude” hotel operators continue to wield in pricing rooms. Double-digit RevPAR gains were seen in several of the 25 largest markets…
