Hoteliers often cite the cyclical nature of the hotel industry. Typically, hotels first pick up occupancy and then rate, then a glut of new supply knocks both down, and the cycle begins again. This cycle has been a bit different, however. Hotels in North America currently are in what usually would be "late-cycle market dynamics," with hotel revenue growth coming mostly through rising rates, not occupancy, Starwood Hotels & Resorts president and CEO Frits van Paasschen said in April during the company's first-quarter earnings call. "Despite this, we're still several years away from seeing any real increase in supply in most markets," he said. "At the upper end, new supply is especially scarce, so as long as the U.S. continues even modest economic growth, it seems likely that high occupancy and rising rates are here to stay for a while." Corporate rates in Europe negotiated for 2014 on average were about flat compared with the prior year, according to Carlson Wagonlit Travel, but varied by country. Corporate rates were up in the United Kingdom and France but down in Portugal and Spain, for example. Corporate rates on average also were stable in the Asia/Pacific region but were down in many of its largest economies, including China, India and Japan, according to CWT. Get the full story at Business Travel News Read also "2014 Business Travel Survey: Ups and downs among corporate TMCs" at Business Travel News