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A recent report from Pricewaterhouse Coopers showed that the recovery of revenue per available room in hotels should remain elevated, and show further improvement next year, which shows that commercial real estate recovery has continued.
The report explained that during the first four months of the year, gains in both business and leisure travel were witnessed throughout the United States. This is expected to continue throughout the rest of the year, as the revenue per available room will rise by approximately 6.5 percent by the end of 2012. In addition, it is expected to continue improving during 2013, for a total gain of 5.6 percent. The market rose 8.2 percent last year.
"A sense of momentum is evident, confirming our expectations for continued [revenue per available room] growth," said Scott Berman, principal and U.S. industry leader of hospitality & leisure for PwC. "With the steepest portion of the demand recovery behind us, and occupancy rates returning to more normal levels, hotel operators are focusing on opportunities to win and serve customers, while resetting room rates."
The report added that if occupancy in hotels continue at these impressive rates, hotel owners will be able to increase their room rates, which could further help the industry's recovery.
