When business revenues and personal incomes are squeezed at the end of the cycle, hotel demand drops away very quickly. Hotel demand has shown strong growth since the middle of 2016, suggesting that business conditions in the U.S., and elsewhere in the world, are robust despite relatively weak GDP growth. So, what are the key takeaways? - The number of hotel rooms sold is increasing at a rapid rate, even after controlling for the growth in the working-age population. And, as noted above, it is now at an all-time high. - This growth in demand is taking place at the same time as non-hotel lodging is being supplied into the marketplace by online platforms such as Airbnb. Airbnb only accounts for 5% of total hotel rooms sold in the U.S., but when we add it to the hotel total, and express it as a ratio of the working-age population, the true scale of the structural shift becomes clear. Get the full story at CBRE