Although the growth of the U.S. airport hotel supply was slower than the national average, demand is increasing at an accelerating pace. On a running-12-month basis, demand growth outpaced supply growth every single month in 2018, peaking in August at 2.6 percent.

The favorable imbalance between the running-12-month demand and supply growth resulted in a positive occupancy percentage change the past 17 months for airport hotels. As of December 2018, year-to-date occupancy was 73.8 percent, indicating airport hotels, on average, have sold three of every four rooms every night in the past 12 months. By slight - but telling - contrast, overall U.S. hotel occupancy during the same period was 66.2 percent.