HOTEL ROOM RATES ON RISE
Hotel occupancy has been climbing for more than a year, and now average room rates are playing catch-up, Jones Lang LaSalle Hotel's expert Ros Mallory tells us. (That's Ros giving a rose to his daughter, Taylor.) Here are the YTD stats for Charlotte: occupancy is at 62.7%, up 7.1% year-over-year; average daily rate is $82.22, up 3.2%; and RevPAR is $51.58, up 10.6%, according to Charlotte Regional Visitors Authority. In comparison, the US has seen 61.8% occupancy, $101.85 ADR, and $62.93 RevPAR. Ros attributes the general lack of development in new hotels both locally and nationally for the rise in occupancy, which triggers the higher room rates. A PKF Hospitality Research study released this week forecasts continued recovery for the US lodging industry.