Occupancy, meanwhile, hit a record 66.2 percent, growing 0.5 percent. Occupancy at each upper-upscale and upscale hotels dropped, and STR expects another decline in 2019. Occupancy for the 25 markets with the most rooms declined 0.1 percent.

Revenue per available room grew for the ninth year in a row, inching up 2.9 percent to $85.96. That rate was slower than the long-term average rate of growth. All hotel classes recorded gains. RevPAR for the 25 largest markets grew 2.5 percent. Minneapolis reported the largest spike, growing 6.9 percent to $82.96.