The Tampa/St. Petersburg market received the “most likely to succeed” superlative because its supply growth was below average yet it had the second highest demand, RevPAR and occupancy numbers, Garner said.
Supply growth in Tampa/St. Petersburg sits at 0.2% year-to-date through June. Additionally, supply growth is below average on a 12-month-moving-average with 0.8% growth. Supply growth for the U.S. industry as a whole sat at 1.1% year-to-date through June.
The market is also seeing “very strong” leisure/transient and group demand fundamentals, up 4.8% and 9.7%, respectively, according to Garner.
Diving into the market’s RevPAR performance, Tampa/St. Petersburg has seen RevPAR growth of 13% on a 12-month-moving-average. The market’s RevPAR is forecasted to increase 11.4% in 2015 and 8% in 2016.