US hotel demand declines continue into September | forbes.com
Occupancy at U.S. hotels continued to fall in the first week of September, a market research firm said Thursday, although room rates remained steady. For the week ended Sept. 6, Smith Travel Research said occupancy at U.S. hotels dropped 7.3 percent year-over-year to 54.3 percent. The industry's average daily rate grew 1.2 percent to $100.73. As a result, average revenue per available room at U.S. hotels fell 6.2 percent to finish the week at $54.70. Revenue per available room, or revpar, is considered a key gauge of a hospitality company's performance. "The first week of September was challenging for the U.S. lodging industry," said STR Senior Vice President of Operations Bobby Bowers. "Hurricane activity was a contributor in some east coast markets, but weakness was fairly broad-based."
