US hotel performance remains hit by pandemic amid steady rise in demand – STR
June 19, 2020 | Maryam Merchant | S&P Global Market Intelligence
U.S. hotel performance for the week ended June 13 showed further signs of improvement compared to recent weeks, but the impact of the coronavirus pandemic continued to show in the three key performance metrics, according to the latest weekly data from STR, which tracks the hospitality sector.
Year over year, occupancy for the week declined 43.4%, to 41.7%, revenue per available room dropped 62.6% to $37.15, and average daily rate slid 33.9% to end the week at $89.09.
“The drive-to destinations with access to beaches, mountains and parks continue to lead the early leisure recovery. With more consistent demand, we’re beginning to see more pricing confidence in those areas as well.” Alison Hoyt, STR’s senior director of consulting and analytics, said in a release.
Among the top 25 markets, occupancy in Norfolk/Virginia Beach, Va., was 53.3%, followed by Phoenix at 47.6% and New York at 45.7%.
Markets with the lowest occupancy levels included Oahu Island, Hawaii, at 10.8%; Boston at 25.7%; and Orlando, Fla., at 26.4%.
Occupancy in Seattle was 31.5%, up slightly from 29.5% in the prior week.
Source: S&P Global Market Intelligence
