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Vacation Real Estate News
STR Reports 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 week of 26 July-1 August 2009, according to data from STR.
In year-over-year measurements, the industry's occupancy fell 6.4 percent to end the week at 66.5 percent. Average daily rate dropped 9.6 percent to finish the week at US$97.48. Revenue per available room for the week decreased 15.5 percent to finish at US$64.86.
Highlights from the Top 25 Markets include (in year-over-year comparisons):
- St. Louis, Missouri-Illinois, posted the largest increase in occupancy, jumping 8.8 percent to 75.1 percent. Seattle, Washington, was the only other top market to experience an occupancy increase, up 2.5 percent to 89.7 percent.
- Detroit, Michigan, reported the largest occupancy decline, dropping 26.3 percent to 53.7 percent. Four other markets posted double-digit occupancy declines: Houston, Texas (-17.1 percent to 54.6 percent); Atlanta, Georgia (-11.0 percent to 57.8 percent); Minneapolis-St. Paul, Minnesota-Wisconsin (-10.7 percent to 68.4 percent); and New Orleans, Louisiana (-10.5 percent to 53.4 percent).
- Nashville, Tennessee, experienced the smallest ADR decrease, falling 1.4 percent to US$88.97.
- Five markets reported ADR decreases of more than 15 percent: New York, New York (-29.0 percent to US$184.97); Chicago, Illinois (-16.5 percent to US$112.13); Los Angeles-Long Beach, California (-15.7 percent to US$117.69); San Diego, California (-15.6 percent to US$134.33); and Oahu Island, Hawaii (-15.5 percent to US$153.18).
- St. Louis was the only market to report an increase in RevPAR, which was up 4.9 percent to US$64.20.
- Detroit posted the largest RevPAR decrease, falling 34.3 percent to US$41.65. Two other markets experienced RevPAR decreases of more than 25 percent: New York (-33.9 percent to US$154.93) and Houston (-25.2 percent to US$47.11).
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