This document summarizes global hotel industry trends from 2013 to 2014. It finds that while hotel demand growth has remained strong across most regions, average daily rates have yet to see real recovery. Occupancy increased in 2013 but was driven more by demand than rate increases. The hotel development pipeline is growing modestly at 3% for 2014-2016, led by Europe, Russia, and Germany. The outlook predicts that if economic growth holds, particularly in Europe, average daily rates will finally start to increase in 2014 across most markets.