STR Reports US Hotel Performance For July 2010
"The U.S. hotel industry's performance recovery continued very nicely in July," said Mark Lomanno, president of STR. "The demand for rooms continued to be well above 2009 levels, and we are finally beginning to see signs of room rate recovery, especially in the higher end of the market. In the coming months, we hope to see more balanced RevPAR growth as operators begin to accelerate room rate growth."
Among the Top 25 Markets, all but one market reported occupancy increases and 8 top markets reported double-digit increases. Detroit, Michigan, led the occupancy increases, rising 20.9 percent to 61.5 percent, followed by Oahu Island, Hawaii (+15.9 percent to 89.6 percent), and New Orleans, Louisiana (+13.1 percent to 72.6 percent). Phoenix, Arizona, posted the only occupancy decrease, falling 1.4 percent to 43.6 percent.
New York, New York, achieved the highest and only double-digit ADR increase, rising 11.6 percent to US$204.68. Dallas, Texas, reported the largest ADR decrease, falling 4.1 percent to US$77.72, followed by Nashville, Tennessee (-3.3 percent to US$82.94), and Houston, Texas (-3.2 percent to US$83.12).
Five top markets experienced RevPAR increases of more than 15 percent: Oahu Island (+20.8 percent to US$139.58); New Orleans (+17.9 percent to US$77.82); Detroit (+17.7 percent to US$45.57); New York (+16.3 percent to US$170.67); and Denver, Colorado (+15.6 percent to US$74.03). Phoenix posted the largest RevPAR decrease, falling 4.2 percent to US$31.91, followed by Houston with a 1.7-percent decrease to US$46.03.
STR provides clients-including hotel operators, developers, financiers, analysts and suppliers to the hotel industry-access to hotel research with regular and custom reports covering North America, Mexico and Caribbean. STR provides a single source of global hotel data covering daily and monthly performance data, forecasts, annual profitability, pipeline and census information. STR founded the STR family of companies and is proudly associated with STR Global, RRC Associates, STR Analytics and HotelNewsNow.com. For more information, please visit www.str.com.
Jeff Higley (STR)
VP, Digital Media & Communications
Phone: +1 (615) 824-8664 ext. 3318