HOST Almanac U.S. Hotel Operating Statistics for the year 2014 ANALYTICS

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A N A L Y T I C S

HOST

Almanac

2015

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A N A L Y T I C S

HOST Almanac 2015

Page 2

The

HOST Almanac

is an annual publication of STR Analytics, a division of STR, Inc. All information contained

in this report is assembled and compiled by STR Analytics. Although information in this publication has been

obtained from sources that STR Analytics believes to be reliable and accurate, we do not guarantee its accuracy

since it is submitted by third parties. See page 32 for detailed information on study methodology and techniques.

All opinions and estimates included in the

HOST Almanac

constitute the best judgment of STR Analytics and are

subject to change without notice. This publication is not intended to represent the rendering of legal, accounting or

professional services. Reproduction is prohibited without prior written authorization. Items may be quoted when full

credit is given to the

HOST Almanac

by STR Analytics.

For publication information:

Call

+1 615 338 3535

E-mail HOST@STRanalytics.com

Web www.STRanalytics.com

Copyright 2015 by STR, Inc. All rights reserved

The

HOST Almanac

is published by and all data in the

HOST Almanac

are compiled by:

STR Analytics

11001 W. 120th Ave., Suite 250

Broomfield, Colorado 80021

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A N A L Y T I C S

HOST Almanac 2015

Page 3

table of contents

reports

u.s. lodging industry profitability . . . 4

room revenue’s relationship to market value . . . 7

inflation-adjusted profit . . . 9

mapping profitability . . . 12

looking back: the u.s. hotel industry in charts and graphs . . . 16

info

geographic regions . . . 31

methodology . . . 32

summaries

total u.s. summary . . . 34

full-service summary . . . 35

limited-service summary . . . 36

total u.s. summary ratio-to-sales . . . 37

total u.s. summary per-available-room . . . 39

total u.s. summary per-occupied-room night . . . 41

full-service

full-service summary ratio-to-sales . . . 43

full-service summary per-available-room . . . 45

full-service summary per-occupied-room night . . . 47

limited-service

limited-service summary ratio-to-sales . . . 49

limited-service summary per-available-room . . . 51

limited-service summary per-occupied-room night . . . 53

total u.s. detailed analysis

ratio-to-sales total u.s. detailed revenue . . . 55

ratio-to-sales total u.s. detailed departmental expenses . . . 57

ratio-to-sales total u.s. detailed undistributed expenses . . . 59

ratio-to-sales total u.s. detailed selected fixed costs . . . 61

per-available-room total u.s. detailed revenue . . . 63

per-available-room total u.s. detailed departmental expenses . . . 65

per-available-room total u.s. detailed undistributed expenses . . . 67

per-available-room total u.s. detailed selected fixed costs . . . 69

per-occupied-room night total u.s. detailed revenue . . . 71

per-occupied-room night total u.s. detailed departmental expenses . . . 73

per-occupied-room night total u.s. detailed undistributed expenses . . . 75

per-occupied-room night total u.s. detailed selected fixed costs . . . 77

payroll analysis

payroll summary . . . 79

ratio-to-sales total u.s. detailed payroll . . . 80

per-available-room total u.s. detailed payroll . . . 82

per-occupied-room night total u.s. detailed payroll . . . 84

glossary

glossary of HOST terminology . . . 86

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A N A L Y T I C S

HOST Almanac 2015

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u.s. lodging industry

profitability

Hotel industry revenue levels topped an estimated

US$176 billion

in 2014, adding nearly $14 billion in revenue from

2013. Total industry-wide house profit reached nearly

US$66 billion

, an increase of 12.8% over 2013. On an absolute

nominal basis, this house profit represents an all-time high, though as a percent of total revenue is still below profit levels

recorded in the late 1990’s, 2006 and 2007.

The following chart details U.S. hotel industry profitability from 1990 to 2014. Please note this data extrapolates only on

scale with the total amount of properties reporting room revenue to STR and uses all properties that reported profitability

data, not just same-store properties. Also, house profit is defined as profit before deductions for fixed charges and

management fees.

“What’s interesting was not just the increases in revenue, but the surge in operating expenses in 2014,” said Joseph

Rael, who oversees the HOST program at STR Analytics. “On a per-available-room basis, we’re seeing administrative

and general, marketing, maintenance and utilities at growth rates much higher than what we experienced last year.

We’re also seeing total management fees growing faster than total revenue, which indicates incentive fees are finally

kicking in.”

$200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0

U.S. Hotel Profitability (1990-2014)

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Bi

lli

on

s U

SD

, N

om

in

al

Total Revenue

House Profit

House Profit % of Total Revenue

$145.3 $176.7 37.3% $55.8 39.0% 38.4% $65.8 $106.2 $41.4

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A N A L Y T I C S

Hotel Transaction Almanac 2014 Page 1

Hotel Transaction Almanac 2014

U.S. Hotel Transactions for the year 2013

A N A L Y T I C S

Hotel Transaction Almanac

The Hotel Transaction Almanac is the most comprehensive source

of hotel transaction statistics. STR Analytics combines their

in-house transaction database with that of data partner Hotel

Brokers International (HBI) to create this comprehensive Hotel

Transaction Almanac.

HOST Almanac

The definitive database of hotel revenue and expenses. The HOST

Almanac contains information by department, including detailed

rooms, food and beverage, marketing, utility costs, property and

maintenance, administrative and general, as well as select fixed

charges.

Hotel Development Almanac

A valuable source of information to assist in the evaluation of hotel

projects. Combining data from STR’s comprehensive Census

and Pipeline Databases, this desktop reference guide contains

analysis and development cost information for previous years’ hotel

openings in the United States.

Hotel Investors Gauge

A quarterly survey of lenders, developers and investors that

measures the current state of financing market conditions and

ascertains critical future expectations through the lens of the hotel

investment community.

Figure

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References

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