The U.S. hotel industry’s total revenue grew 7.5 percent in 2011 to US$137.5 billion, the largest percent change in the previous 10 years, according to the Hotel Operating Statistics (HOST) Study for 2011, compiled by STR.
According to the HOST Study, Gross Operating Profit (GOP) rested at 36.1 percent in 2011 compared to 35.3 percent in 2010. The industry’s pre-tax income grew 20.0 percent in year-over-year comparisons to US$21.6 billion.
“There is no question that the past few years have been extremely difficult for the hotel industry, and while a number of properties have gone under or are still in deep financial straits, the industry overall continued to bounce back during 2011,” said Randy Smith chairman and co-founder of STR. “This is a remarkable achievement given the difficulties of operating in today's uncertain economic environment.”
Other highlights of the HOST Study:
• Full-service hotels reported an average occupancy of 68.5 percent and an average daily rate of US$153.81 in 2011.
• On average, full-service hotels generated US$240.08 in total revenue per occupied room night, up from US$236.13 in 2010. Full-service, chain-affiliated hotels checked in at US$230.83 per occupied roomnight while independent properties reported US$327.39 per occupied roomnight.
• GOP for full-service properties was 31.5 percent, compared with 29.9 percent in 2010. GOP was approximately US$18,633 per available room and US$75.54 per roomnight.
• Overall in 2011, limited-service hotels recorded an occupancy of 70.0 percent (up from 68.4 percent in 2010) and an ADR of US$89.85 (compared with US$86.82 in 2010).
• Limited-service hotels reported a GOP of 48.8 percent, which was an increase from 48.0 percent in 2010. These hotels generated US$45.28 in GOP per occupied roomnight and US$11,517 per available room.
• Franchise fees in chain-affiliated, limited-service hotels accounted for 3.2 percent of the undistributed operating expenses, which equates to US$2.91 per occupied roomnight.
In related news STR reports that US$19 billion in hotel transactions occurred in the U.S. during 2011, according to data from the inaugural Hotel Transaction Almanac, a report from STR Analytics and the Hotel Investment Barometer.