The hotel industry continued to set records in the first half of 2018; even as revenue growth moderated, the overall performance exceeded expectations. While room revenue surged in the first half of the decade, growth rates since 2016 have softened, and expectations from industry participants are now consistently more modest. Nevertheless, rate and occupancy gains persist, regularly exceeding forecasts. As of mid-year 2018, lodging revenue is in its 100th month of expansion, and many of the top 25 hotel markets in the U.S. are steadily absorbing the growing additions of new supply.

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