Hotel Performance in U.S. Recovering Slowly – STR
July 31, 2020
U.S. hotel performance data for the week ending 25 July showed slightly higher occupancy and room rates from the previous week, according to STR.
U.S. occupancy has risen week over week for 14 of the last 15 weeks, although growth in demand (room nights sold) has slowed.
Occupancy averaged 48.1% compared to a year-earlier rate of 86.0%, a drop of 37.9%. Average daily rates (ADR) averaged $99.24, down 27.3% from the 2019 comparable week. Revenue per available room (RevPAR) was $47.75, down 54.8% from the comparable week in 2019.
Aggregate data for the Top 25 Markets showed lower occupancy (40.8%) and ADR ($97.32) than all other markets.
Norfolk/Virginia Beach, Virginia, was the only one of those major markets to reach a 60% occupancy level (66.1%).
Four additional markets reached or surpassed 50% occupancy: Detroit, Michigan (55.2%); Atlanta, Georgia (50.5%); Philadelphia, Pennsylvania-New Jersey (50.4%); and San Diego, California (50.0%).
Markets with the lowest occupancy levels for the week included Oahu Island, Hawaii (22.7%); New Orleans, Louisiana (28.3%); and Miami/Hialeah, Florida (30.7%).
Of note, in New York, New York, occupancy was 36.3%, up slightly from 35.9% the week prior. In Seattle, Washington, occupancy was 35.1%, an increase from 34.2% the previous week.
Additional Performance Data
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
Sources: Hotel News Now, STR
