STR reports US hotel performance for January 2010
The U.S. hotel industry posted declines in all three key performance measurements during January 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
“January’s results continue the pattern of demand improvement that began toward the end of 2009,” said Mark Lomanno, president of STR. “We expect this trend of positive demand growth to continue throughout most of this year. Hopefully, this will result in a firming of prices before too many more months go by.”
Among the Chain Scale segments, three of the seven segments reported occupancy increases: the Luxury segment (+9.4 percent to 57.2 percent); the Upper Upscale segment (+5.4 percent to 56.1 percent); and the Upscale segment (+4.0 percent to 53.1 percent).
Among the Top 25 Markets, Boston, Massachusetts, reported the largest occupancy increase, up 18.3 percent to 48.9 percent, followed by Detroit, Michigan (+11.2 percent to 44.5 percent), and Miami-Hialeah, Florida (+10.6 percent to 74.6 percent). Houston, Texas, experienced the largest occupancy decrease, due to the lingering effects of Hurricane Ike, falling 15.7 percent to 49.0 percent.
Los Angeles-Long Beach, California, ended the month virtually flat in ADR growth with a 0.1-percent increase to US$119.80. Washington, D.C., which hosted President Barack Obama’s presidential inauguration on 20 January 2009, posted the largest ADR decrease, falling 27.2 percent to US$132.65. Tampa-St. Petersburg, Florida, which hosted Super Bowl XLIII on 1 February 2009, also reported a large ADR decrease, falling 25.4 percent decrease to US$94.27.
Boston experienced the largest RevPAR increase, rising 11.9 percent to US$56.61. Three other markets reported RevPAR increases for the month: Los Angeles-Long Beach (+6.1 percent to US$74.07); Miami-Hialeah (+4.2 percent to US$124.05); and Atlanta, Georgia (+2.5 percent to US$43.85). Washington, D.C., posted the largest RevPAR decrease, falling 32.3 percent to US$64.19, followed by Tampa-St. Petersburg (-27.6 percent to US$48.29) and Houston (-23.8 percent to US$42.66).
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 corporate 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.
