For the first four months of 2019, US hotel demand was exceptionally strong - it was up 2.4 percent; yet in three out of four of those months, ADR growth was a relatively weak 2 percent, something not seen in the expansion cycle since 2011.

However, because the fundamentals are still there for 2019, STR expects the second half of year to be stronger than the first half, and for growth to continue in 2020, just at a lower growth rate than in previous years.

Booking group travel will be more competitive in this situation, so it’s important to be able to choose the right groups at the right price and otherwise secure those block bookings to enable competitive pricing for the less predictable transient business.

STR: Beyond rooms revenue - profit growth continues, despite falling margins