STR reports US hotel performance for week ending 30 January 2010
The U.S. hotel industry reported mixed results in the three key measurements during the week of 24-30 January 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the week up 1.9 to 48.8 percent. Average daily rate dropped 5.6 percent to finish the week at US$94.92. Revenue per available room for the week fell 3.8 percent to finish at US$46.31.
Among the Chain Scale segments, four of the seven segments ended the week with occupancy increases: the Luxury segment (+12.4 percent to 63.0 percent); the Upper Upscale segment (+10.0 percent to 62.3 percent); the Upscale segment (+6.2 percent to 59.1 percent); and the Independent segment (+0.6 percent to 45.6 percent).
Denver, Colorado, was the only Top 25 Market to report increases in all three key metrics. The market’s occupancy rose 15.8 percent to 54.3 percent, ADR ended the week virtually flat with a 0.1-percent increase to US$97.34, and RevPAR jumped 15.9 percent to US$52.85.
Among the Top 25 Markets, Orlando, Florida, experienced the largest occupancy increase, rising 24.1 percent to 65.2 percent, followed by Boston, Massachusetts (+20.5 percent to 54.2 percent), and Miami-Hialeah, Florida (+20.5 percent to 79.4 percent). Two markets posted double-digit occupancy decreases: Nashville, Tennessee (-13.7 percent to 42.6 percent), and Houston, Texas (-10.4 percent to 55.1 percent).
Tampa-St. Petersburg, Florida, which hosted Super Bowl XLIII on 1 February 2009, reported the largest ADR decrease, falling 47.0 percent to US$99.31. Chicago, Illinois reported the only other ADR decrease of 20 percent or more, dropping 20.4 percent to US$87.17.
Miami-Hialeah ended the week with a 17.7 percent RevPAR increase to US$134.08, followed by Orlando (+16.2 percent to US$69.71) and Boston (+13.0 percent to 65.63). Three markets reported RevPAR decreases of 20 percent or more: Tampa-St. Petersburg (-49.8 percent to US$59.86); Chicago (-24.6 percent to US$37.92); and Nashville, Tennessee (-20.1 percent to US$36.73).
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
