STR: U.S. hotel results for week ending 10 October
U.S. hotel weekly occupancy hit 50% for just the second time since the low point of the pandemic, according to the latest data from STR through 10 October.
4-10 October 2020 (percentage change from comparable week in 2019):
- Occupancy: 50.0% (-29.2%)
- Average daily rate (ADR): US$97.67 (-25.9%)
- Revenue per available room (RevPAR): US$48.85 (-47.5%)
While a handful of the highest occupancy markets were those in areas affected by natural disasters (i.e. California wildfires), Saturday produced the week's highest occupancy (65.2%) and ADR (US$110.84), indicating that the leisure and weekend staycation demand seen during the summer may make appearances into the fall.
Aggregate data for the Top 25 Markets showed lower occupancy (44.1%) but higher ADR (US$101.17) than all other markets.
Seven of those major markets reached or surpassed 50% occupancy, led by Norfolk/Virginia Beach, Virginia (54.7%); Houston, Texas (54.4%); and San Diego, California (54.2%).
Markets with the lowest occupancy levels for the week included Oahu Island, Hawaii (19.3%), and Orlando, Florida (33.7%).
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.