It's time to grab our crystal ball and peer into the magical realm of 2017 to see what the hotel occupancy levels will be.

PKF Hospitality Research just released its December 2015 Hotel Horizons report, and it looks like record occupancy rates will remain through 2017. An improving labor market and a steady GDP pave the way for a national occupancy rate of about 66% in 2016 and 2017, barring any unforeseen security events.

PKF projects room rates will increase by 5.5% in 2016, followed by a 5.8% hike in 2017. And as real ADR's recover, national supply is increasing. A 1.2% rise in Q3 2015 marked the second consecutive quarter of supply growth that exceeded 1% for the first time this cycle. About 132,000 rooms are in the pipeline nationwide, compared to 129,000 rooms in Q2 2015.

But don't worry. Nothing is getting out of hand yet. Demand is still outpacing supply.