Hotel rates and bookings are all over the map this summer -- and will likely remain so for the rest of the year -- according to hotel consultancy TravelClick, which last week published the results of its July 2017 North American Hospitality Review (NAHR).
According to TravelClick, occupancy across all hotel segments is down 0.8 percent year-over-year for the third quarter of 2017, while average daily rates (ADR) are up 0.1 percent. Revenue per available room (RevPAR), meanwhile, declined 0.7 percent.
Although rates and bookings are "inconsistent," according to TravelClick, there are bright spots. For instance, ADR in the group travel segment is up 1.3 percent, even though occupancy is down 3.1 percent. The inverse is true in the transient leisure segment, where occupancy is up by 2.6 percent and ADR down by 0.9 percent.
"Accepting unpredictability as the new norm, hoteliers are finding this year's summer months a bit unusual compared to those in the past," said John Hach, TravelClick's senior industry analyst. "While ADR for all travel segments is slightly up 0.1 percent and bookings are slightly down -0.8 percent, there is some indication in the numbers that healthy gains are on the horizon in the coming months."
Although the cause of this year's market volatility is uncertain, the solution is clear, according to TravelClick: data.
"Moving into the latter part of the summer season and into the fall, hoteliers must leverage business intelligence tools and forward-looking data for guidance to stay ahead of the competition in this continued period of inconsistency," Hach continued. "Any number of factors could be contributing to this uncertain time -- the current economic climate, global events, the continuation of the on-demand/sharing economy. As such, data is the key for hoteliers to stay informed and on top of the industry."Up your meetings-industry IQ. Check out the latest edition of 30 Seconds to Smart!