| If 2010 was a year of rebuilding, 2011 is about sustaining occupancy and revenue growth. The industry is carrying a strong book of business into 2011, which will get the New Year off to a good start. Committed occupancy for the top 25 markets in North America for the current quarter and three future quarters is ahead of the same time last year by 6.7%. Group business continues to strengthen with group commitments for the next 12 months up 6.1% year-over-year. For the first quarter of 2011 they are up 7.0%. Group booking pace continues to improve, with new bookings added over the past month up 4.9% over the comparable period last year. Group ADR is behind by 2.2% year-over-year. |
As has been the case for the past several months, transient demand continues to lead occupancy growth, with transient room nights ahead of the same time last year by 7.3%. Business demand (transient weekday retail and negotiated segments) in particular has been and remains very strong, with reserved room nights up 12.8% year-over-year. Transient leisure demand is growing as well, though at a far slower rate.
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