Growth in revenue per available room for hotels in the United States has contracted since 2015 after consistently exceeding the rate of inflation for the previous five-year period, according to a recent analysis from Moody’s Investors Service. That slowdown in growth, in addition to convergence with the inflation rate, indicates that the U.S. hotel industry is approaching its peak.

Overall U.S. RevPAR grew by more than 39 percent on a cumulative basis from 2010 to 2015, according to Moody’s new report, “Slowing RevPAR growth highlights disparities in U.S. hotel markets.” Inflation, meanwhile, rose 9 percent over the same period, as measured by the Consumer Price Index. Moody’s projects that year-end 2017 data will show U.S. RevPAR growth of 2.8 percent. By contrast, RevPAR grew 3.2 percent in 2016.
 
 This level of RevPAR growth signals the end of an expansionary period for the U.S. hotel industry, the Moody’s analysis claims.