STR posts US results for week ending 22 August 2009
Among the Top 25 Markets, Tampa-St. Petersburg, Florida, was the only market to report increases in two of the three key metrics. Occupancy jumped 15.9 percent to 49.0 percent and RevPAR increased 7.1 percent to US$41.28.
Two other markets also reported occupancy increases for the week: Orlando, Florida (+5.1 percent to 58.3 percent) and Boston, Massachusetts (+0.4 percent to 74.1 percent). New Orleans, Louisiana, posted the largest occupancy decrease, falling 21.2 percent to 43.2 percent, followed by Nashville, Tennessee (-14.9 percent to 51.3 percent; Houston, Texas (-14.5 percent to 52.4 percent), and Detroit, Michigan (-14.1 percent to 54.2 percent).
Nashville, Tennessee, experienced the smallest ADR decline, falling 5.3 percent to US$88.37. Three markets reported ADR decreases of more than 20 percent: New York, New York (-28.0 percent to US$182.82); Denver, Colorado (-27.7 percent to US$91.11); and San Francisco/San Mateo, California (-22.5 percent to US$122.42).
Three markets reported single-digit RevPAR decreases: Orlando (-8.4 percent to US$45.59); Norfolk-Virginia Beach, Virginia (-7.8 percent to US$73.80); and Washington, D.C. (-7.1 percent to US$80.33). New York experienced the largest RevPAR decrease, dropping 31.6 percent to US$151.41. Five other markets reported RevPAR decreases of more than 25 percent: New Orleans (-29.6 percent to US$36.06); Denver (-29.5 percent to US$61.20); Chicago, Illinois (-29.0 percent to US$66.23); San Francisco/San Mateo (-28.4 percent to US$101.91); and Philadelphia, Pennsylvania (-28.3 percent to US$67.55).
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.