A N A L Y T I C S
HOST
Almanac
2015
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
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 . . . 31methodology . . . 32
summaries
total u.s. summary . . . 34full-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 . . . 43full-service summary per-available-room . . . 45
full-service summary per-occupied-room night . . . 47
limited-service
limited-service summary ratio-to-sales . . . 49limited-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 . . . 55ratio-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 . . . 79ratio-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 . . . 86A N A L Y T I C S
HOST Almanac 2015
Page 4
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 $0U.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 SHotel 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
