Commercial Construction & Renovation helps our subscribers design, build and maintain better commercial facilities by delivering content to meet the information needs of today's high-level executives.
Issue link: https://ccr-mag.epubxp.com/i/190248
iNduStry NewS industry news There's a lot of equity and capital on the sidelines that would like to invest in the hospitality feld. It's fnding the right product. Up to now it's been a challenge, because a lot of that money was chasing the same type of product, but I see that changing as the improvement in the industry as a whole, people are looking for other opportunities and now are willing to look outside of maybe the top 10 markets and the urban markets. – Jerry Cataldo, president and CEo of Hostmark Hospitality Group, on the number of groups ready to invest in the hotel market Getaway u.S. resort hotel growth fnally trending up It may fnally be turning for the U.S. resort hotel market. According to a recent report by STR, the recovery of U.S. resort hotels since the downturn continues to steadily progress, with performance metrics nearing prior peak levels. Revenue per available room at resort hotels in the United States have risen 6.9 percent year-to-date through July, amid a 5.4 percent rise in average daily rate and a 1.4 percent increase in occupancy. STR cites several reasons for the increases, including more weekend stays than weekdays, 34 months of positive RevPAR growth, transient ADR gaining momentum, and a growing increase in both supply and demand. did you know? PwC US projects U.S. hotel occupancy will increase to 62.2 percent this year – the highest since the peak level recorded in 2007 – on a 2.2 percent rise in demand. The group also predicts that average daily rate will continue to increase, driving revenue per available room to a 2.6 percent growth this year and a 5.9 percent increase in 2014. Let us keep you informed For the latest news and notes from around the commercial construction industry, visit us daily at www.ccr-mag.com. We'll keep you in the loop on happenings in the retail, restaurant and hospitality sectors. 16 CommerCial ConstruCtion & renovation — September : OctOber 2013