Smith Travel Research (STR) Announces Third Quarter And September YTD 2005 Results For The U.S. Lodging Industry
September 2005 occupancy gained 3.9 percent to 66.0
Industry occupancy rose to 69.0 percent in the three months ending September 2005, up 2.7 percent versus third quarter 2004. Third quarter average room rate gained 5.6 percent to $91.08 and revenue per available room (REVPAR) --- the combination of occupancy and average room rate and a key industry productivity measure --- increased 8.3 percent, the highest 3Q REVPAR growth since STR began tracking data in 1987, to $62.83.
- In the first nine months of 2005, industry occupancy improved 2.7 percent to 64.5 percent versus same period last year.
- Average room rate rose 5.1 percent to $90.65 and REVPAR gained 8.0 percent to $58.49.
- September YTD industry room supply increased 0.4 percent while demand (room nights sold) grew 3.1 percent.
- Room revenue increased 8.4 percent in the first nine months of 2005 to $71 billion.
In the month of September 2005, occupancy gained 3.9 percent to 66.0 percent while average room rate improved 6.7 percent to $91.27. September REVPAR rose 10.8 percent to $60.20.
“September year-to-date industry performance was surprisingly good, especially when considering last year’s strong results”, said Mark Lomanno, President of Smith Travel Research. “New room supply growth continues to hover at historically low levels, constricted further by hurricane closings, while solid demand growth continues. We recently revised our full year 2005 industry REVPAR growth forecast upward to 8.2 percent, based primarily on the effects of hurricane Katrina. If the industry achieves our forecasted REVPAR growth, it will be the highest full year increase since STR began tracking lodging industry data”, Lomanno added.