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Vacation Real Estate News
STR Reports on U.S. Hotel Performance
(News Source: Smith Travel Research)
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the second week of August 2009, according to data from STR.
In year-over-year measurements, the industry's occupancy fell 7.5 percent to end the week at 65.9 percent. Average daily rate dropped 9.7 percent to finish the week at US$97.32. Revenue per available room for the week decreased 16.5 percent to finish at US$64.10.
Highlights from the Top 25 Markets include (in year-over-year comparisons):
- New Orleans, Louisiana, was the only top market to report increases in all three key metrics. It rose 4.6 percent in occupancy to 63.4 percent, it was up 0.3 percent in ADR to US$92.19 and jumped 5.0 percent in RevPAR to US$58.45.
- Two other markets reported occupancy increases: Washington, D.C. (+2.4 percent to 72.6 percent) and Atlanta, Georgia (+1.5 percent to 56.2 percent).
- Detroit, Michigan, experienced the largest occupancy decrease, down 24.0 percent to 54.7 percent, followed by Phoenix, Arizona, with a 20.9-percent decrease to 43.3 percent.
- New York, New York, posted the largest ADR decrease, dropping 27.6 percent to US$191.90. Six other markets reported ADR decreases of more than 15 percent: Detroit (-18.9 percent to US$77.40); San Diego, California (-18.6 percent to US$132.72); Oahu Island, Hawaii (-17.0 percent to US$155.75); Chicago, Illinois (-16.9 percent to US$110.55); Denver, Colorado (-16.4 percent to US$90.34); and Seattle, Washington (-15.3 percent to US$114.72).
- Two markets reported RevPAR decreases of less than 5 percent: Washington, D.C. (-4.2 percent to US$89.25) and Atlanta (-3.1 percent to US$45.43).
- Detroit reported the largest RevPAR decrease, down 38.3 percent to US$42.34, followed by Phoenix (-32.3 percent to US$32.45) and New York (-29.4 percent to US$169.19).
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