U.S. hotel RevPAR forecasted to drop 50.6% for 2020
Due to the impact from the COVID-19 pandemic, the U.S. hotel industry is projected to report a 50.6% decline in revenue per available room (RevPAR) in 2020, according to a special forecast revision from STR and Tourism Economics.
STR's latest monthly data (February) showed 55,734 hotels and 5,341,586 rooms in the U.S. Property closures are expected to lead to a 14.9% decline in room nights available for the year.
"Travel has come to a virtual standstill, but we expect the market to begin to regain its footing this summer," said Adam Sacks, president of Tourism Economics. "Once travel resumes, the combination of pent-up travel demand and federal aid will help fuel the recovery as we move into the latter part of this year and next year."
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. 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.