STR posts US results for week ending 15 August 2009
The U.S. hotel industry posted declines in all three key performance measurements during the week of 9-15 August 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 6.9 percent to end the week at 63.9 percent. Average daily rate dropped 9.9 percent to finish the week at US$96.70. Revenue per available room for the week decreased 16.2 percent to finish at US$61.80.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 9-15 August 2009, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 6.9 percent to end the week at 63.9 percent. Average daily rate dropped 9.9 percent to finish the week at US$96.70. Revenue per available room for the week decreased 16.2 percent to finish at US$61.80.
Other highlights from the Top 25 Markets include (in year-over-year comparisons):
- St. Louis, Missouri-Illinois, reported the largest occupancy increase, up 1.6 percent to 64.3 percent. Five other markets reported increases in occupancy: Minneapolis-St. Paul, Minnesota-Wisconsin (+1.2 percent to 77.7 percent); Seattle, Washington (+0.7 percent to 85.2 percent); San Francisco/San Mateo, California (+0.5 percent to 88.4 percent); Oahu Island, Hawaii (+0.3 percent to 85.9 percent); and Washington, D.C. (+0.3 percent to 69.1 percent).
- New Orleans, Louisiana, experienced the largest drop in occupancy, falling 22.8 percent to 49.8 percent.
- Washington, D.C., posted the smallest ADR decline, down 5.0 percent to US$122.29. Two other markets experienced decreases of less than six percent: Nashville, Tennessee (-5.7 percent to US$87.83) and St. Louis (-5.4 percent to US$82.23).
- New York, New York, reported the largest ADR decrease, falling 27.6 percent to US$186.47, followed by Anaheim-Santa Ana, California (-22.1 percent to US$107.35) and Denver, Colorado (-21.5 percent to US$88.68).
- Four markets experienced single-digit RevPAR decreases: Tampa-St. Petersburg, Florida (-9.5 percent to US$43.77); Minneapolis-St. Paul (-5.3 percent to US$76.23); Washington, D.C. (-4.7 percent to US$84.50); and St. Louis (-3.9 percent to US$52.91).
- Six markets reported RevPAR decreases of more than 25 percent: New York (-30.2 percent to US$158.99); Denver (-30.1 percent to US$61.12); Los Angeles-Long Beach, California (-29.2 percent to US$83.07); New Orleans (-29.0 percent to US$42.56); Anaheim-Santa Ana (-28.6 percent to US$81.14); and Houston, Texas (-26.4 percent to US$45.00).
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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