While RevPAR increased during the quarter, it was the lowest year-over-year growth since the beginning of the US lodging industry's recovery from the Great Recession, and the only quarter in the current lodging cycle with a RevPAR increase below 1.0 percent.

Although US hotels have experienced RevPAR increases in 112 of the last 115 months, growth continues to decelerate, with two of the three declines coming in June and September of this year. Looking ahead to the final quarter of 2019, the near-term lodging outlook suggests a continued deceleration in top-line metrics. Weak demand and a general lack of pricing power in October supports this outlook.

Download: PwC Hospitality Directions US / November 2019