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Vacation Real Estate News
STR Reports U.S. Hotel Performance for April 2009
(News Source: Smith Travel Research)
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during April, according to data from STR.
In year-over-year measurements, the industry's occupancy fell 11.1 percent to end the month at 56.4 percent. Average daily rate dropped 9.4 percent to finish the month at US$98.37. Revenue per available room for the month decreased 19.5 percent to finish at US$55.48.
"While the industry's performance continues to struggle from an occupancy rate perspective, for the first time in April there was some positive news," said Mark Lomanno, president of STR. "The transient weekend travel was positive for the month, which means the weekend leisure travelers are at least beginning to entertain the idea of coming back into the marketplace. I still remain hopeful that the industry will see some relief this summer."
The Top 25 Markets reported mixed results in the three key performance metrics, ranging from single-digit increases to double-digit decreases, in year-over-year results:
- Detroit, Michigan, which reported flat ADR growth of 0.1 percent to US$89.57 for the month, was the only market to avoid a decrease in any of the key performance metrics.
- Norfolk-Virginia Beach, Virginia, reported the smallest decrease in occupancy, which was down 0.8 percent to 57.9 percent. Three other markets also reported occupancy decreases of less than 5 percent: New York, New York (-4.7 percent to 79.7 percent); Orlando, Florida (-4.3 percent to 69.9 percent); and Oahu Island, Hawaii (-1.8 percent to 70.6 percent).
- Chicago, Illinois, reported the largest decrease in occupancy, which was down 20.0 percent to 55.3 percent.
- New York (-25.5 percent to US$203.58) and Chicago (-18.2 percent to US$115.29) reported the largest ADR decreases.
- Norfolk-Virginia Beach was the only market to report a single-digit decrease in RevPAR, which was down 6.2 percent to US$45.49.
- Six markets reported RevPAR decreases of more than 25 percent: Chicago (-34.5 percent to US$63.75); New York (-29.0 percent to US$162.17); Phoenix, Arizona (-28.0 percent to US$70.64); San Diego (-27.2 percent to US$79.51); Boston, Massachusetts (-25.5 percent to US$85.34); and Los Angeles-Long Beach, California (-25.5 percent to US$71.05).
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