STR reports U.S. third-quarter 2010 results
The industry’s occupancy was up 6.7 percent to 63.9 percent, average daily rate rose 1.6 percent to US$99.07, and revenue per available room increased 8.4 percent to US$63.34. Year-to-date 2010, occupancy increased 5.2 percent to 58.9 percent, ADR fell 0.7 percent to US$97.89, and RevPAR was up 4.5 percent to US$57.70.
The U.S. hotel industry reported increases in all three key performance metrics for third-quarter 2010 in year-over-year measurements, according to data from STR.
The industry’s occupancy was up 6.7 percent to 63.9 percent, average daily rate rose 1.6 percent to US$99.07, and revenue per available room increased 8.4 percent to US$63.34.
Year-to-date 2010, occupancy increased 5.2 percent to 58.9 percent, ADR fell 0.7 percent to US$97.89, and RevPAR was up 4.5 percent to US$57.70.
“The U.S. hotel industry continued its recovery in the third quarter,” said Bobby Bowers, senior VP at STR. “Quarterly occupancy growth was the highest STR has ever recorded, and ADR growth was positive for the first time since third-quarter 2008—a seven-quarter stretch. The combined occupancy and ADR gains pushed RevPAR up 8.4 percent—the best quarterly growth the industry has recorded since second-quarter 2006. We anticipate continued but somewhat slower occupancy growth in the final quarter, while ADR should continue its positive momentum.”
Among the Top 25 Markets, New Orleans, Louisiana, achieved the largest occupancy increase, rising 20.5 percent to 61.8 percent, followed by Detroit, Michigan, with an 18.6-percent increase to 61.2 percent. None of the top markets reported occupancy decreases for the third quarter.
New York, New York, was the only top market to report a double-digit ADR increase, rising 11.6 percent to US$230.71. Three other markets reported ADR increases of more than 5 percent: San Francisco/San Mateo, California (+7.2 percent to US$142.82), Boston, Massachusetts (+5.6 percent to US$144.86) and New Orleans (+5.2 percent to US$98.61). Nashville, Tennessee, posted the largest ADR decrease, falling 4.1 percent to US$82.86, followed by Detroit (-2.3 percent to US$74.79) and Houston, Texas (-2.2 percent to US$85.14).
Two markets experienced RevPAR increases of more than 15 percent: New Orleans (+26.8 percent to US$60.97) and Detroit (+15.9 percent to US$45.80). Phoenix, Arizona, was the only market to report a RevPAR decrease, falling 0.8 percent to US$35.07.
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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