HOST
Almanac
2015
U.S. Hotel Operating Statistics for the year 2014
AN A LY TI C S
AN A LY TI C S
The HOST Almanac is an annual publication of STR Analytics, a division of STR, Inc. All information contained
in this report is assembled and compiled by STR Analytics. Although information in this publication has been
obtained from sources that STR Analytics believes to be reliable and accurate, we do not guarantee its accuracy
since it is submitted by third parties. See page 32 for detailed information on study methodology and techniques.
All opinions and estimates included in the HOST Almanac constitute the best judgment of STR Analytics and are
subject to change without notice. This publication is not intended to represent the rendering of legal, accounting or
professional services. Reproduction is prohibited without prior written authorization. Items may be quoted when full
credit is given to the HOST Almanac by STR Analytics.
For publication information:
Call +1 615 338 3535
E-mailHOST@STRanalytics.com
Webwww.STRanalytics.com
Copyright 2015 by STR, Inc. All rights reserved
The HOST Almanac is published by and all data in the HOST Almanac are compiled by:
STR Analytics
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HOST Almanac 2015
Page 2
table of contents
AN A LY TI C S
reports
u.s. lodging industry profitability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
room revenue’s relationship to market value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
inflation-adjusted profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
mapping profitability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
looking back: the u.s. hotel industry in charts and graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
info
geographic regions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
summaries
total u.s. summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
full-service summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
limited-service summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
total u.s. summary ratio-to-sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
total u.s. summary per-available-room. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
total u.s. summary per-occupied-room night . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
full-service
full-service summary ratio-to-sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
full-service summary per-available-room . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
full-service summary per-occupied-room night. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
limited-service
limited-service summary ratio-to-sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
limited-service summary per-available-room. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
limited-service summary per-occupied-room night . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
total u.s. detailed analysis
ratio-to-sales
ratio-to-sales
ratio-to-sales
ratio-to-sales
total
total
total
total
u.s.
u.s.
u.s.
u.s.
per-available-room
per-available-room
per-available-room
per-available-room
per-occupied-room
per-occupied-room
per-occupied-room
per-occupied-room
detailed
detailed
detailed
detailed
total
total
total
total
u.s.
u.s.
u.s.
u.s.
night
night
night
night
revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
departmental expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
undistributed expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
selected fixed costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
detailed
detailed
detailed
detailed
total
total
total
total
u.s.
u.s.
u.s.
u.s.
revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
departmental expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
undistributed expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
selected fixed costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
detailed
detailed
detailed
detailed
revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
departmental expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
undistributed expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
selected fixed costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
payroll analysis
payroll summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
ratio-to-sales total u.s. detailed payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
per-available-room total u.s. detailed payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
per-occupied-room night total u.s. detailed payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
glossary
glossary of HOST terminology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
HOST Almanac 2015
Page 3
u.s. lodging industry
profitability
AN A LY TI C S
Hotel industry revenue levels topped an estimated US$176 billion in 2014, adding nearly $14 billion in revenue from
2013. Total industry-wide house profit reached nearly US$66 billion, an increase of 12.8% over 2013. On an absolute
nominal basis, this house profit represents an all-time high, though as a percent of total revenue is still below profit levels
recorded in the late 1990’s, 2006 and 2007.
The following chart details U.S. hotel industry profitability from 1990 to 2014. Please note this data extrapolates only on
scale with the total amount of properties reporting room revenue to STR and uses all properties that reported profitability
data, not just same-store properties. Also, house profit is defined as profit before deductions for fixed charges and
management fees.
U.S. Hotel Profitability (1990-2014)
$200
100%
$176.7
$180
Billions USD, Nominal
$160
90%
80%
$145.3
$140
70%
$120
60%
$106.2
$100
50%
39.0%
$80
38.4%
37.3%
$60
$41.4
$65.8
$55.8
$40
40%
30%
20%
$20
10%
$0
0%
1990
1992
1994
1996
 Total Revenue
1998
2000
 House Profit
2002
2004
2006
2008
2010
2012
2014
 House Profit % of Total Revenue
“What’s interesting was not just the increases in revenue, but the surge in operating expenses in 2014,” said Joseph
Rael, who oversees the HOST program at STR Analytics. “On a per-available-room basis, we’re seeing administrative
and general, marketing, maintenance and utilities at growth rates much higher than what we experienced last year.
We’re also seeing total management fees growing faster than total revenue, which indicates incentive fees are finally
kicking in.”
HOST Almanac 2015
Page 4
The Almanac Suite
The ultimate resource for the hotel investment community. These
four reports contain the information you need to help evaluate
investments, performance, risk, development potential and more.
AN A LY TI C S
Hotel Transaction Almanac
The Hotel Transaction Almanac is the most comprehensive source
of hotel transaction statistics. STR Analytics combines their in-
house transaction database with that of data partner Hotel
Hotel
Transaction
Almanac
2014
Brokers International (HBI) to create this comprehensive Hotel
U.S. Hotel Transactions for the year 2013
AN A LY TI C S
Hotel Transaction Almanac 2014
Page 1
Transaction Almanac.
HOST Almanac
The definitive database of hotel revenue and expenses. The HOST
Almanac contains information by department, including detailed
rooms, food and beverage, marketing, utility costs, property and
maintenance, administrative and general, as well as select fixed
charges.
Hotel Development Almanac
A valuable source of information to assist in the evaluation of hotel
projects. Combining data from STR’s comprehensive Census
and Pipeline Databases, this desktop reference guide contains
analysis and development cost information for previous years’ hotel
openings in the United States.
Hotel Investors Gauge
A quarterly survey of lenders, developers and investors that
measures the current state of financing market conditions and
ascertains critical future expectations through the lens of the hotel
investment community.
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