US hotel industry analyst J.D. Foster said the Las Positas Strip hotel occupancy increase of 1,100 rooms is the second-fastest rate increase in the US hotel sector since the start of the recession.
“While we are not sure what caused the increase in occupancy, it’s a welcome boost to our industry,” Foster said in a statement.
Foster said the hotel occupancy jump is in line with the rest of the country, which has seen the growth of about 6,000 rooms a week.
“The hotel industry is on a downward trajectory and is not able to withstand the pressure of the global economy,” Foster added.
Las Vegas hotel occupancy is up nearly 13 percent from last year and the company said the occupancy spike is likely due to the influx of people seeking to visit the city.
The Las Vegas strip hotel occupancy rate rose 2.5 percent from the same period a year ago, according to the hotel industry website.
Bidding wars for rooms are underway at many US hotel chains.
Earlier this week, the hotel market was rocked by an attempted takeover of a leading hotel chain by a group led by billionaire Sheldon Adelson.
Adelson’s group bought the Las Las Vegas Hilton for $2.5 billion last month and is now seeking to sell it for about $3 billion.
More: The hotel occupancy surge in Las Vegas is likely a result of the increased demand from international travelers who have moved into the city, Foster said.
Read more: LIVESTOCK INDUSTRY SHOCKS OVER THE BUDGET US CHINA CHINA REUTERS A hotel lobby official in Shanghai, China, on Thursday.
LIVE UPDATES BYLINE LAS VEGAS STREET HOTEL REPORT HOURS SHEET LINK REASON FOR LAS VIGAS REVISED HOUSE CLUB LOSS HOMES BID SOURCE: US Hotel Industry The Bureau of Labor Statistics released new data on Wednesday showing the US economy added about 235,000 jobs in May.
President Donald Trump tweeted on Wednesday that he was “very proud” of the job numbers, and the unemployment rate fell to 4.4 percent.
Trump has been promising to make “big changes” to the economy in an effort to revive the American economy.
Despite the increase, the unemployment number fell to 8.3 percent, the lowest since November 2008, and employment rose by about 200,000 in May, according the BLS.
Overall, employment in the United States rose by 3.2 million jobs in the third quarter of the year, down from a year earlier.
Businesses are starting to feel the pinch from the economic storm, as they’ve been forced to hire more workers to compete with the demand for lodging, according to the BPS.
Housing prices are still skyrocketing, as some states are seeing record increases in the prices of housing.
According to the BPI, home prices in the metro area rose an average of 6.6 percent last month.
And in April, home sales climbed to a record high of 7.5 million units.
A new report by real estate research firm Trulia shows that the number of vacancies in the country’s rental housing market has risen to a four-year high.
Trulia reported on Tuesday that rents in the nation’s largest metropolitan areas have risen by an average 6.5% annually since the end of 2015.
In April, the median price for a one-bedroom apartment was $2,637, up 3.5%, while the median home price was $1,838, up 9.3%.
The average price of a two-bedroom home in the area rose by $1.1 million to $2 million.
Rents in the major metro areas of San Francisco, Los Angeles, Chicago, San Diego, Denver, and Atlanta are up 9% or more over last year.
Average rents in Washington, DC, are up nearly 9% over last month, while rents in Portland, OR, are nearly 10% higher than in 2016.
But many other cities are seeing record growth in their rental markets, with some having their rents increase by over 50% since the beginning of the decade.
For example, in March, the Seattle Metro area saw a record increase of more than 3,600 new listings, while the New York City area saw an increase of nearly 5,300 new listings.
New York City saw more than 20,000 new listings last month alone.
There is no sign of a lull in the housing market in the wake of the economic crisis, with new listings increasing by more than 4% over the past year.