July: -100 bps of GOP margin growth on approx. +0.4% Total RevPAR.
What's Incremental To Our View
In our monthly analysis of operational level P&L metrics of nearly a thousand U.S. upper-tier full service hotels (data source: HotStats), we continue to forecast slightly positive margins for the full-year 2018 - this is being driven by modestly stronger transient demand in recent months. Results in July were negatively impacted on the Group/convention side from the July 4th calendar shift. July's Rooms RevPAR was just +1.2% and GOP margins were -100 bps. We continue to observe rising labor costs in 2018. Efforts by hotel owners to minimize labor cost growth have had some positive effects
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