According to real estate experts, the hospitality market is growing in Maryland and across the country. The upswing is driven by a stronger economy, demographic shifts, international demand and changes in consumers needs and expectations.
Improving corporate profits have translated into strong business group demand at hotels. Group bookings, which are defined as blocks of 10 or more rooms, currently make up one-third of hotel occupancy. This drives up the industry's revenue per available room, known as RevPAR. Industry forecasts expect 2015 occupancy rates to hit 64.9 percent, which is the highest since 1984. RevPAR is projected to jump approximately 7.4 percent.