STR posts US results for week ending 4 July 2009
Among the Top 25 Markets, two markets reported increases in all three key metrics for the week. New Orleans, Louisiana, increased 5.4 percent in occupancy to 68.6 percent, rose in ADR 4.6 percent to US$133.83 and reported the only double-digit increase in RevPAR (+10.2 percent to US$91.85). Washington, D.C., reported a 1.4-percent increase in occupancy to 67.6 percent, a 0.4-percent rise in ADR to US$128.43, and a 1.8-percent growth in RevPAR to US$86.85.
Other highlights from the Top 25 Markets include (in year-over-year comparisons):
- Three markets, excluding New Orleans, reported occupancy increases of 5 percent or more: Boston, Massachusetts (+8.5 percent to 64.4 percent); Miami-Hialeah, Florida (+6.2 percent to 66.9 percent); and San Diego, California (+5.7 percent to 74.9 percent).
- Four markets ended the week with double-digit occupancy decreases: Nashville, Tennessee (-23.3 percent to 48.4 percent); Detroit, Michigan (-21.6 percent to 43.9 percent); St. Louis, Missouri-Illinois (-16.2 percent to 57.6 percent); and Orlando, Florida (-11.8 percent to 60.6 percent).
- New York, New York, led the ADR decreases, dropping 23.9 percent to US$178.20. Two other markets experienced ADR decrease of more than 15 percent: Oahu Island, Hawaii (-17.9 percent to US$147.19) and St. Louis (-17.2 percent to US$78.61).
- Boston (+6.0 percent to US$84.54) was the only market besides New Orleans and Washington, D.C., to report a RevPAR increase.
- Four markets reported RevPAR decreases of more than 25 percent: Nashville (-33.0 percent to US$39.37); St. Louis (-30.6 percent to US$45.26); Detroit (-29.9 percent to US$31.40); and New York (-27.0 percent to US$137.08).
Among the Chain-Scale segments, the Luxury segment was the only segment to experience an increase in any of the key metrics, rising 2.0 percent in occupancy to 60.8 percent. The Upper Upscale segment ended the week virtually flat with a 0.5-percent decrease in occupancy to 61.7 percent. The Luxury segment reported the largest and only double-digit ADR decrease, falling 18.2 percent to US$211.06; it also reported the largest drop in RevPAR, which was down 16.5 percent to US$128.41.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 16 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.