STR posts US results for week ending 29 August 2009
Tough year-over-year comparisons hampered this week’s numbers. Last year’s comparable week ending 30 August led up to Labor Day, a heavy leisure demand weekend. The 2008 Democratic National Convention also was held during the week leading up to the holiday on August 25-28. The impact from the DNC was insignificant on total U.S. occupancy; however, the year-over-year room rate loses in Denver did impact national ADR by about a half percentage point.
Among the Top 25 Markets, Denver, Colorado, reported the largest decrease in ADR and RevPAR. ADR was down 51.2 percent to US$91.31, and RevPAR dropped 61.3 percent to US$57.51.
Only two of the Top 25 Markets reported increases in any of the three key metrics. Boston, Massachusetts, posted the largest occupancy increase, up 1.4 percent to 75.0 percent, followed by Oahu Island, Hawaii, with a 1.2-percent increase to 77.9 percent.
Atlanta, Georgia, experienced the largest occupancy decrease, falling 23.0 percent to 44.6 percent. Two other markets reported occupancy decreases of more than 20 percent: Houston, Texas (-21.4 percent to 48.0 percent), and Denver, Colorado (-20.6 percent to 63.0 percent).
Dallas, Texas, posted the smallest ADR decrease, down 2.0 percent to US$86.26. St. Louis, Missouri-Illinois (-4.7 percent to US$84.19), and Nashville, Tennessee (-3.4 percent to US$87.10), also reported ADR decreases of less than 5 percent. Three markets, besides Denver, experienced ADR decreases of more than 20 percent: New York, New York (-29.1 percent to US$182.90); Minneapolis-St. Paul, Minnesota-Wisconsin (-23.1 percent to US$92.72); and San Francisco/San Mateo, California (-21.5 percent to US$120.06).
Of the Top 25 Markets, only two posted single-digit RevPAR decreases. Boston was down 8.1 percent to US$98.23 and Washington, D.C., dropped 9.2 percent to US$69.59. Two markets, excluding Denver, reported RevPAR decreases of more than 30 percent: New York (-36.6 percent to US$146.76) and Atlanta (-31.6 percent to US$36.74).
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.