STR: U.S. hotel performance for October 2018
The U.S. hotel industry reported positive results in the three key performance metrics during October 2018, according to data from STR. In a year-over-year comparison with October 2017, the industry posted the following:
The U.S. hotel industry reported positive results in the three key performance metrics during October 2018, according to data from STR.
In a year-over-year comparison with October 2017, the industry posted the following:
- Occupancy: +0.8% to 69.9%
- Average daily rate (ADR): +2.7% to US$133.81
- Revenue per available room (RevPAR): +3.5% to US$93.55
"October provided a nice return to 'normal' with a monthly demand record and healthy RevPAR growth driven primarily by ADR," said Jan Freitag, STR's senior VP of lodging insights. "The further we move away from September, the less impacted by volatile hurricane-induced demand the monthly data becomes. As noted in our forecast revision released last week, we expect the industry's record-breaking performance run to continue, and at the end of 2018, all KPIs should reach the highest levels ever seen. However, the pace of growth will continue to slow. Our projected ADR increases are only in line with the expected rate of inflation—that unfortunately is not good news for profit growth expectations."
Among the Top 25 Markets, New Orleans, Louisiana, registered the only double-digit rise in occupancy (+10.2% to 77.1%) and the largest jump in RevPAR (+17.4% to US$131.98).
San Francisco/San Mateo, California, posted the highest lift in ADR (+7.3% to US$276.19).
Norfolk/Virginia Beach, Virginia, saw the second-largest increases in occupancy (+8.5% to 65.7%) and RevPAR (+14.6% to US$61.95).
Overall, 19 of the Top 25 Markets reported RevPAR growth.
Due to comparison with the post-Hurricane Harvey demand period of 2017, Houston, Texas, reported the largest decreases in each of the three key performance metrics: occupancy (-22.8% to 64.7%), ADR (-7.7% to US$108.09) and RevPAR (-28.8% to US$69.94).
Tampa/St. Petersburg, Florida, saw the only other double-digit decreases in occupancy (-10.1% to 66.7%) and RevPAR (-10.0% to US$78.95).
Washington, D.C.-Maryland-Virginia, reported the second-largest decline in ADR (-4.5% to US$174.65).
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