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New York

U.S. hotel sector continues steady improvement

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The national hospitality sector is heading to its third year of recovery, according to a report from Marcus & Millichap. Hotel occupancy nationwide is expected to reach nearly 61 percent this year, with ADR slated to increase by 4 percent on a year-over-year basis. The three strongest hotel markets are North Dakota, Nevada and Texas at present. The average daily room rate in the U.S. is projected to rise to $105.70 this year, up from $101.60, with revenue slated to grow by 5.9 percent. Florida has the nation’s fifth-strongest hotel market, according to the report, with an index value of 106.7, tied with Michigan. The statewide occupancy rate in 2011 was 62.9 percent in Florida. — Alexander Britell

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Hotel MarketMarcus Millichap