Third quarter still weak in STR quarterly results
Revenue per available room for third quarter 2009 dropped 16.9 percent to US$58.61 in year-over-year comparisons, showing minimal improvement from the previous two quarters, according to Smith Travel Research.
Overall, the industry’s occupancy dropped 7.9 percent to 60.5 percent, and average daily rate fell 9.8 percent to US$96.84.
“Third quarter U.S. lodging industry performance improved marginally from the first two quarters of 2009, but remained weak,” said Bobby Bowers, senior vice president at STR. “The industry has now experienced five consecutive quarterly RevPAR declines and eight consecutive quarterly occupancy declines. Fourth quarter comparables will be much easier, but we still expect negative industry RevPAR movement for the remainder of 2009 and most of 2010.”
Among the Top 25 Markets, only Oahu Island, Hawaii, came in virtually flat in occupancy for the third quarter, down 0.4 percent to 77.0 percent.
New York, New York, reported the largest ADR decrease, falling 25.4 percent to US$205.75. Denver, Colorado, also experienced an ADR decrease of more than 20 percent, falling 21.3 percent to US$90.72.
Norfolk-Virginia Beach was the only top market to report a single-digit RevPAR decrease for the quarter, falling 8.0 percent to US$64.68.