STR reports US hotel performance for week ending 1 May 2010
In year-over-year measurements, the industry’s occupancy increased 5.7 percent to 58.8 percent. Average daily rate dropped 1.5 percent to US$98.07. Revenue per available room rose 4.2 percent to US$57.62.
The U.S. hotel industry reported mixed results in the three key performance measurements during the week of 25 April-1 May 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy increased 5.7 percent to 58.8 percent. Average daily rate dropped 1.5 percent to US$98.07. Revenue per available room rose 4.2 percent to US$57.62.
Among the Top 25 Markets, New Orleans, Louisiana, which hosted the Jazz & Heritage Festival 23 April-2 May, reported the largest increases in all three key metrics. The market’s occupancy was up 18.3 percent to 77.5 percent, ADR increased 12.5 percent to US$150.20, and RevPAR jumped 33.0 percent to US$116.48.
Nashville, Tennessee, followed New Orleans with a 16.6-percent increase in occupancy to 58.6 percent. Three markets posted occupancy decreases: Oahu Island, Hawaii (-8.5 percent to 68.3 percent); Seattle, Washington (-2.6 percent to 63.9 percent); and Norfolk-Virginia Beach, Virginia (-1.0 percent to 55.3 percent).
Other than New Orleans, New York, New York, was the only market to report an ADR increase of more than 5 percent, rising 8.6 percent to US$220.70. Seattle posted the largest ADR decrease, falling 19.1 percent to US$109.06, followed by Chicago, Illinois, with an 11.1-percent decrease to US$111.78.
Five markets, excluding New Orleans, experienced double-digit RevPAR increases: St. Louis, Missouri-Illinois (+17.9 percent to US$52.65); Nashville (+16.6 percent to US$53.67); New York (+15.7 percent to US$185.85); Denver, Colorado (+15.4 percent to US$62.23); and Miami-Hialeah, Florida (+12.1 percent to US$105.98). Seattle posted the largest RevPAR decrease, falling 21.1 percent to US$69.69, followed by Oahu Island with a 10.3-percent decrease to US$104.16.
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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