STR: U.S. hotel performance for April 2020
HENDERSONVILLE, Tennessee -- Due to expanded restrictions around the COVID-19 pandemic, the U.S. hotel industry reported unprecedented lows during April 2020, according to data from STR.
- Occupancy: -63.9% to 24.5%
- Average daily rate (ADR): -44.4% to US$73.23
- Revenue per available room (RevPAR): -79.9% to US$17.93
The absolute occupancy and RevPAR levels were the lowest for any month on record in the U.S., while the ADR value was the lowest since December 1997. However, recent weekly data suggests that performance likely reached the bottom in early April, as demand has now increased for four consecutive weeks.
Among the Top 25 Markets, Oahu Island, Hawaii, experienced the steepest drop in occupancy (-89.9%) and the only single-digit occupancy level (8.0%), which resulted in the largest decrease in RevPAR (-93.8% to US$11.38).
Miami/Hialeah, Florida, experienced the steepest decline in ADR (-58.7% to US$90.83).
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.