Forget the tech bubble, it is a hotel industry bubble! One that's making real money, for now.
The U.S. hotel industry reported in July 2012 the most rooms sold during a single month since STR started tracking hotel performance in 1987, according to STR. Demand during July increased 1% to 1.06 million roomnights sold, breaking the July 2011 record of 1.05 million roomnights sold. Overall, occupancy rose 0.5% to 70%, its average daily rate was up 3.8% to $107.44 and its revenue per available room increased 4.3%to $75.25.
Among the top 25 markets, New Orleans rose 10.6% to 68%, reporting the largest increase in that metric. Oahu Island, Hawaii, followed with a 10.3% occupancy increase to 91.8%. Phoenix fell 3% in occupancy to 46.5%, posting the largest decrease in that metric.