US hotel industry hits record five million rooms
The US domestic hotel market passed the milestone of five million available rooms in June, according to the latest report by hotel industry research firm STR Inc.
STR’s latest census said there are currently 5,001,163 rooms in 53,554 properties nationwide.
"The hotel industry is a sector of real estate that continues to attract investors," said STR president and COO Amanda Hite.
"The rate of growth in the industry reflects the continued interest in the sector and its ability to generate return."
Hite expects continued growth in the industry, adding that RevPAR (revenue per available room) in the US has increased year-over-year for 64 consecutive months.
The US reached three million available rooms in June 1987 and surpassed the four million mark in March 1999.
Since the previous peak of February 2008, when there were 4.5 million available rooms, the market has grown by more than 5,600 rooms per month.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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