U.S. hotel performance for week ending 10 July 2010
In year-over-year measurements, the industry's occupancy increased 3.9 percent to 62.5 percent. Average daily rate rose 0.4 percent to US$94.69. Revenue per available room jumped 4.3 percent to US$59.17. New Orleans, Louisiana, experienced the largest increases in all three key performance metrics. The market's occupancy rose 14.9 percent to 68.4 percent, ADR was up 11.0 percent to US$112.22, and RevPAR jumped 27.5 percent to US$76.70.
The U.S. hotel industry reported positive results in all three key performance measurements during the week of 4-10 July 2010, according to data from STR.
In year-over-year measurements, the industry's occupancy increased 3.9 percent to 62.5 percent. Average daily rate rose 0.4 percent to US$94.69. Revenue per available room jumped 4.3 percent to US$59.17.
New Orleans, Louisiana, experienced the largest increases in all three key performance metrics. The market's occupancy rose 14.9 percent to 68.4 percent, ADR was up 11.0 percent to US$112.22, and RevPAR jumped 27.5 percent to US$76.70.
Excluding New Orleans, four markets reported double-digit occupancy increases: Oahu Island, Hawaii (+11.3 percent to 86.7 percent); Detroit, Michigan (+10.7 percent to 54.8 percent); Nashville, Tennessee (+10.2 percent to 62.5 percent); and Orlando, Florida (+10.2 percent to 68.9 percent). Minneapolis-St. Paul, Minnesota-Wisconsin reported the largest occupancy decrease, falling 10.2 percent to 60.4 percent, followed by Houston, Texas with a 9.7-percent decrease to 47.7 percent.
Oahu Island posted the largest ADR increase behind New Orleans, rising 8.2 percent to US$162.55. Atlanta, Georgia, experienced the only double-digit ADR decrease, falling 13.5 percent to US$74.77, followed by Minneapolis-St. Paul with a 9.9-percent decrease to US$85.93.
Oahu Island rose 20.5 percent in RevPAR to US$140.86. Three markets posted RevPAR decreases of 15 percent or more: Minneapolis-St. Paul (-19.1 percent to US$51.92); Atlanta (-18.9 percent to US$42.58); and Houston, Texas (-17.4 percent to US$37.38).
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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