Smith Travel Research Announces First Quarter 2002 U.S. Lodging Industry Results - First Time Since September 11, REVPAR, ADR, And Occupancy Achieved Positive Growth Compared To The Same Period In 2001
Smith Travel Research (STR) announced first quarter 2002 results for the U.S. lodging industry today. Industry occupancy reached 55.6 percent in the first three months of 2002, down 5.6 percent versus first quarter 2001. First quarter average room rate fell 5.1 percent to $84.71 and revenue per available room (REVPAR) --- the combination of occupancy and average room rate and a key industry productivity measure --- decreased 10.5 percent to $47.
Industry room supply increased 1.8 percent in the quarter, down significantly from the 2.8 supply growth of first quarter 2001. Industry demand (roomnights sold) fell 4 percent compared to demand growth of 2.3 percent in the first quarter 2001.
In the month of March 2002, occupancy declined 5.6 percent to 60.9 percent while room rate slipped 4.9 percent to $85.48. March REVPAR decreased 10.3 percent to $52.03. March 2002 operating performance was negatively impacted by the timing of the Easter holiday period.
"The U.S. lodging industry endured a challenging operating environment in the first quarter", said Mark Lomanno, President of Smith Travel Research. "Assuming continued improvement in the U.S. economy and no terrorist attacks on the U.S. mainland, we believe the stage is set for improved industry performance for the balance of 2002 and into 2003", Lomanno added.
Smith Travel Research --- the leader in lodging industry tracking and analysis --- provides regular industry reporting to all major North American chains. The company also provides daily performance reporting through its daySTAR program.