The steadily rising economy has led to more tourism and business travel, and driven hotel occupancy up across the US, according to stats from Marcus & Millichap.
CHICAGO—When the US economy accelerates, business travel and tourism generally expands as well. That truism explains why experts express so much confidence in the hospitality sector. According to a new national report from Marcus & Millichap, strong employment growth and rising confidence levels will keep occupancy at a record high and support further RevPAR growth.
“Summer travel, in particular, is expected to rise 6% from last year and the majority of these trips will be to domestic destinations,” according to the report. “Rising travel should reinforce hotel occupancy, which remains at a more than 30-year record high.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
