STR: US hotel results for week ending 29 October
HENDERSONVILLE, Tennessee -- The U.S. hotel industry reported positive results in the three key performance metrics during the week of 23-29 October 2016, according to data from STR.
In year-over-year comparisons, the industry's occupancy increased 8.1% to 67.2%. Average daily rate (ADR) rose 4.3% to US$125.98. Revenue per available room (RevPAR) grew 12.7% to US$84.62.
STR analysts cite a positive impact on the week's results due to a Halloween calendar shift. With the holiday on a Monday as opposed to a Saturday (2015), there was greater demand (year over year) in the Group and Transient segments.
Among the Top 25 Markets, World Series co-host Chicago, Illinois, posted the largest year-over-year increases in ADR (+16.3% to US$171.39) and RevPAR (+36.3% to US$134.79). Occupancy in the market rose 17.1% to 78.6%.
Four additional markets saw a RevPAR increase of 20.0% or more: New Orleans, Louisiana (+30.6% to US$152.96); Norfolk/Virginia Beach, Virginia (+27.5% to US$50.87); Denver, Colorado (+20.6% to US$102.33); and Philadelphia, Pennsylvania-New Jersey (+20.1% to US$114.50).
Overall, 14 of the Top 25 Markets experienced double-digit growth in RevPAR for the week.
After Chicago, two markets recorded a double-digit rise in ADR: New Orleans (+13.1% to US$180.93) and Nashville, Tennessee (+11.1% to US$145.76).
Norfolk/Virginia Beach registered the week's largest increase in occupancy (+21.2% to 59.2%). Aside from Chicago, four more markets saw a double-digit lift in the metric: New Orleans (+15.5% to 84.5%); Philadelphia (+11.4% to 77.6%); Washington, D.C.-Maryland-Virginia (+11.1% to 78.7%); and Denver (+10.2% to 75.9%).
San Francisco/San Mateo, California, reported the only double-digit decrease in ADR (-16.1% to US$235.95) and the largest drop in RevPAR (-12.6% to US$203.09). Occupancy in the market was up 4.1% to 86.1%.
Two additional markets saw a double-digit decline in RevPAR: Houston, Texas (-11.4% to US$67.99), and Miami/Hialeah, Florida (-10.3% to US$112.85).
Miami also reported the largest decrease in occupancy (-6.6% to 69.6%).
Jeff Higley (STR)
VP, Digital Media & Communications
Phone: +1 (615) 824-8664 ext. 3318
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.