U.S. hotel results for week ending 15 September
The U.S. hotel industry reported negative year-over-year results in the three key performance metrics during the week of 9-15 September 2018, according to data from STR.
In comparison with the week of 10-16 September 2017, the industry recorded the following:
- Occupancy: -3.3% to 69.8%
- Average daily rate (ADR): -0.3% to US$131.03
- Revenue per available room (RevPAR): -3.7% to US$91.47
"There were a lot of different factors to parse in the week's results," said Jan Freitag, STR's senior VP of lodging insights. "Performance levels dropped in several major markets as Hurricane Florence moved up the Atlantic Seaboard. On top of that, an earlier Rosh Hashanah and the comparison with the 2017 post-hurricane demand period in Houston and Florida created significant fluctuations in year-over-year percentage changes—the latter will continue for the coming weeks."
"Additionally, performance at this time last year in New York City was lifted by the UN General Assembly, which made the comparable particularly difficult to match."
Among the Top 25 Markets, Miami/Hialeah, Florida, reported the largest increase in RevPAR (+8.0% to US$80.94), due to the only double-digit increase in occupancy (+17.4% to 60.7%).
New Orleans, Louisiana, posted the largest lift in ADR (+9.4% to US$142.12).
Houston, Texas, saw the steepest declines in occupancy (-32.1% to 59.6%) and RevPAR (-38.8% to US$62.31). Houston's hotel performance was lifted in the weeks and months that followed Hurricane Harvey in 2017 as properties filled with displaced residents, relief workers, insurance adjustors, media members, etc.
Norfolk/Virginia Beach, Virginia, registered the only double-digit decline in ADR (-11.3% to US$85.80) and the second-largest decreases in occupancy (-21.9% to 48.9%) and RevPAR (-30.7% to 41.93%).
Orlando, Florida, reported the third-largest declines in each of the three key performance metrics: occupancy (-15.8% to 64.5%), ADR (-8.7% to US$101.72) and RevPAR (-23.1% to US$65.58).
Overall, 18 of the Top 25 markets saw decreases in RevPAR.
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.