Internet Travel Monitor - Travel Industry News
April 4, 2018
STR: Global Hotel Inventory Has Grown 18% in 10 Years
STR launched its international business 10 years ago today. The global hotel industry has grown 17.7% by total number of rooms in the last decade.
On the 10th anniversary of the launch of its international expansion, STR reports that there are 184,299 hotels comprising 16,966,280 million rooms around the world. That number of rooms represents a 17.7% increase over the last 10 years.
STR defines a hotel on three exclusionary criteria: 1) generates revenue on a nightly per-room basis, 2) has 10 or more rooms and 3) is open to the public (excludes those properties requiring membership, affiliation or club status).
Founded in 1985, STR expanded its benchmarking and analytics platform to markets outside of North America and the Caribbean in 2008. The company maintains the world’s largest global hotel performance sample, receiving data from more than 59,000 hotels comprising nearly 8.0 million hotel rooms.
“The hotel sector and its rate of return continue to attract real-estate investors—that is evident through the substantial growth in performance metrics and development we have seen over the past decade,” said Robin Rossmann, STR’s international managing director. “While the story is rarely the same for any two markets around the world, the industry as a whole continues to perform at robust levels, and we expect continued growth over the coming years.”
Since the launch of its international business (formerly STR Global), STR’s hotel sample has grown by almost 3 million rooms (+49%). Based on that sample, the global hotel industry recorded an average occupancy level of 67.5% for the 12 months ending with February 2018, which was a 1.6% increase from the previous 12 months. Average daily rate (ADR) grew 2.6% during that 12-month time period to US$122.96.
“STR is proud to support the sector’s growth through our broad range of data-driven solutions that help tens of thousands of clients globally,” said Amanda Hite, STR’s president and CEO. “While STR has served hotels for more than three decades, today is a major milestone for our company with 10 years in the international market. We look forward to the further digitization of our products and growth of our thought-leadership capabilities that will meet the evolving needs and expectations of our clients—in all the industries we serve.”
Copyright 2018 STR, Inc. All rights reserved. From http://www.hotelnewsnow.com. By HNN Newswire.
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