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The Americas region reported declines in all three key performance metrics when reported in U.S. dollars for February 2009, according to data compiled by STR and STR Global. Occupancy for the region dropped 10.0 percent to 53.7 percent; average daily rate dropped 9.1 percent to US$102.07; and revenue per available room dropped 18.2 percent to US$54.80.
The European hotel industry reported mixed year-over-year results when reported in U.S. dollars, euros and British pounds for February 2009, according to data compiled by STR Global. Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to single-digit gains, depending on the market and the currency used for comparison.
Hotels in the Asia/Pacific region recorded double-digit decreases when reported in U.S. dollars for all three key performance metrics for February 2009, according to data compiled by STR Global. The Asia/Pacific region’s occupancy dropped 12.1 percent to 59.0 percent; average daily rate declined 21.0 percent to US$114.82; and revenue per available room fell 30.5 percent to US$67.70.
In the March 2009 edition of Hotel HorizonsSM, PKF Hospitality Research (PKR-HR) forecast the U.S. lodging industry will suffer a 7.8 percent decline in occupancy and a 6.4 percent drop in ADR during 2009. The net result is a 13.7 percent decrease in RevPAR. While declining revenue is worrisome, ultimately it is the fall off in profits that hurt hotel owners and the financial community. To simulate the potential impact of declining revenue on the profits of individual properties during the current (2009) industry recession, PKF-HR has taken a look back at lodging industry performance during the last major recession – 2001. From 2000 to 2001, 74.6 percent of all the properties that participated in our annual Trends in the Hotel Industry survey experienced a decline in RevPAR. A comparable percentage (74.9 percent) suffered a decline in profits.
The global credit crunch and the recession that followed have hit the Canadian hotel real estate sector, which experienced a 77 per cent decline in investment activity, falling to $1.1 billion over the past year, according to Colliers International Hotel’s 2009 Canadian Hotel Investment Report released today. The report also found the average price per room fell by 25 per cent to $116,500 in 2008 from $154,200 the previous year.
The U.S. hotel industry posted declines in three key performance measurements during the month of February, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 10.1 percent to end the month at 53.2 percent. Average daily rate dropped 7.8 percent to finish the month at US$100.41. Revenue per available room for the month decreased 17.1 percent to finish at US$53.42.
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The U.S. hotel industry posted declines in three key performance measurements during the week of 8-14 March 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 15.7 percent to end the week at 55.2 percent. Average daily rate dropped 11.2 percent to finish the week at US$99.60. Revenue per available room for the week decreased 25.1 percent to finish at US$55.02.
PKF Hospitality Research (PKF-HR) today announced that, according to its March 2009 edition of Hotel Horizons(SM), the current decline in the U.S. lodging industry will be deeper and last longer than the company had previously predicted. RevPAR is now expected to drop 13.7 percent in 2009, and a quarter-over-quarter gain in sales is not anticipated until the first quarter of 2011. The revised lodging forecast is based on worsening economic projections from Moody's Economy.com.
The U.S. hotel development pipeline includes 5,390 hotels with 575,202 rooms, according to the February STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 2.5-percent decrease in rooms from the development pipeline in January and an 11.4-percent drop from the development pipeline in February 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
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The U.S. hotel industry posted declines in three key performance measurements during the week of March 1-7, 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 14.9 percent to end the week at 52.8 percent. Average daily rate dropped 9.6 percent to finish the week at US$98.76. Revenue per available room for the week decreased 23.0 percent to finish at US$52.18. Among the Top 25 Markets, the only market to increase in all three key performance measurements was Norfolk-Virginia Beach, Virginia. That market’s occupancy increased 1.3 percent to 48.8 percent, ADR increased 2.9 percent to US$78.55, and RevPAR was up 4.2 percent to US$38.33.
With plunging global economies and unprecedented bail-outs during 2008, it was only a question of time before tourism shared the pain. The first half of the year, when the financial crisis still had some way to go, most world regions were reporting double-digit growth in hotel performance until mid-way through the year. Then the deepening recession took its toll. As business travellers and tourists started to think twice about trips away, there was a significant slowdown in hotel performance in most world regions, particularly in the final quarter.
Major cities in Europe and the Middle East lead global hotel performance, taking seven spots each in the world’s top 20 revenue per available room (revPAR) rankings, revealed in a report produced annually by Deloitte Touche Tohmatsu.
HVS’s London Office has today published its latest European Hotel Transaction Report, reflecting the 2008 single asset and portfolio hotel transactions. The huge reduction in deals compared to previous years is the most dramatic ever recorded by HVS. What happened to the investment market in 2008? Who was still buying or selling? How did Europe's Major transactioon markets fare? When could things start to improve?
The U.S. hotel industry posted declines in all three key performance measurements during the week of 22-28 February 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 12.6 percent to end the week at 54.1 percent. Average daily rate dropped 6.8 percent to finish the week at US$100.54. Revenue per available room for the week decreased 18.5 percent to finish at US$54.37. Among the Top 25 Markets, Norfolk-Virginia Beach, Virginia, and New Orleans, Louisiana, were the only two markets to report increases in any of the three key performance measurements. Norfolk-Virginia Beach experienced a 0.5 percent increase in ADR to end the week at US$73.54. New Orleans increased ADR 5.6 percent to US$131.11.
The Middle East/Africa region reported mixed year-over-year results when reported in U.S. dollars for January 2009, according to data compiled from STR Global. The region’s occupancy dropped 13.7 percent to 55.4 percent; ADR increased 6.9 percent to US$173.28; and RevPAR decreased 7.7 percent to US$95.98. Highlights from key individual markets in the Middle East/Africa region include (percentages are January 2009 vs. January 2008):
Despite the MENA region managing to sustain excellent results for 2008, hoteliers and other tourism-related organisations can expect a decrease in demand for 2009. A number of leading industry experts reveal some wise advice – hoteliers take note. Oman is by far the most improved destination throughout the Middle East & North Africa (MENA) region in 2008, recording a remarkable 34% Revenue per Available Room (RevPAR) increase.
Profit continues to fall across Europe. The trend of falling occupancy, revenue and profit across key European hotel markets continued during January, according to the latest HotStats survey by TRI Hospitality Consulting. In Vienna the sample of international branded hotels saw daily profit – expressed as income before fixed charges (IBFC) – decline by nearly two thirds to just €9.80 per available room. In Prague profit more than halved and in Amsterdam the decline was 45.2 per cent. The only city in the survey not to report a double-digit decline in profit was Hamburg.