In year-over-year measurements, the industry’s occupancy ended the week with a 2.5-percent increase to 55.3 percent. Average daily rate dropped 4.7 percent to finish the week at US$96.06. Revenue per available room for the week fell 2.3 percent to finish at US$53.15.
The U.S. hotel industry reported mixed results in the three key measurements during the week of 14-20 February 2010, according to data from STR. In year-over-year measurements, the industry’s occupancy ended the week with a 2.4-percent increase to 55.4 percent. Average daily rate dropped 4.4 percent to finish the week at US$95.81. Revenue per available room for the week fell 2.2 percent to finish at US$53.04.
The U.S. hotel industry posted declines in all three key performance measurements during January 2010, according to data from STR. In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
The U.S. hotel industry reported decreases in all three key measurements during the week of 7-13 February 2010, according to data from STR. In year-over-year measurements, the industry’s occupancy ended the week with a 2.3-percent decrease to 53.7 percent. Average daily rate dropped 4.7 percent to finish the week at US$97.12. Revenue per available room for the week fell 6.9 percent to finish at US$52.19.
In the December 2009 edition of Hotel Horizons®, PKF Hospitality Research (PKF-HR) is forecasting a third consecutive year of declining revenue per available room (RevPAR) for U.S. hotels in 2010. By year end 2010, PKF-HR projects that the average U.S. hotel will suffer a 1.1 percent decline in RevPAR, the net result of a 0.4 percent gain in occupancy, but a 1.5 percent decline in average daily rate (ADR).
Economic research firm e-forecasting.com in conjunction with Smith Travel Research announced HIP declined in January after improving 2.8 percent in December. HIP, the Hotel Industry's Pulse index, is a composite indicator that gauges business activity in the U.S. hotel industry in real-time, similar to a GDP measure. The latest monthly change brought the index to a reading of 82.4. The index is set to equal 100 in 2000.
The good news is that Canadian occupancy and average room rates for all hotels were higher than those in the United States in 2009. The Canadian occupancy was just over 56%, slightly higher than the 55% reported in the US, but more importantly our average room rate was $117.55 relative to $97.51 in the US. That's a $20 differential! The Canadian RevPAR was $65.95, down 11.9%, which compares to $53.71 in the US, down 16.7%. So 2009 was bad, but it was far worse south of the border.
The total active U.S. hotel development pipeline includes 3,647 projects comprising 378,145 rooms, according to the January 2010 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 35.9-percent decrease in the number of rooms in the total active pipeline compared to January 2009. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
The U.S. hotel industry welcomed the dawn of 2010. Performance measures in the first half of 2009 were particularly troublesome for many companies, and only in the closing months of the year were there glimmers of hope. By December 2009, a number of major markets started to experience increases in occupancy and revenue per available room (revPAR), following what in some cases has been multi-year, record-breaking declines. In particular, steep price discounting appeared to be a less important strategy in filling rooms. As noted in this report, domestic tourism activity is starting to revive for a few select markets, declines in international travel are lessening and business travel remains mostly stagnant.
The Canadian economy still has a long road back to recovery and hoteliers should expect a bumpy ride, according to Avery Shenfeld, chief economist at CIBC World Markets. Shenfeld delivered a state of the industry presentation during the Hotels Association of Canada’s 2010 Annual Conference at the Fairmont Royal York in Toronto.
The U.S. hotel industry reported mixed results in the three key measurements during the week of 24-30 January 2010, according to data from STR. In year-over-year measurements, the industry’s occupancy ended the week up 1.9 to 48.8 percent. Average daily rate dropped 5.6 percent to finish the week at US$94.92. Revenue per available room for the week fell 3.8 percent to finish at US$46.31.
The U.S. hotel industry reported decreases in all three key performance metrics for fourth-quarter 2009 in year-over-year measurements, according to data from STR. The industry’s occupancy dropped 4.4 percent to 50.6 percent, average daily rate fell 7.6 percent to US$95.79, and revenue per available room decreased 11.7 percent to US$48.50.
As the Americas Lodging Investment Summit got under way Monday, season six American Idol finalist Stephanie Edwards took the ALIS stage and sang of not wanting to hear any more bad news about the hotel industry. Smith Travel Research president Mark Lomanno was on stage behind Edwards and served as one of the background singers for the tune. But minutes after the song-and-dance ended, Lomanno acknowledged during the opening general session that the song’s plea might go unanswered—for now, at least.
The U.S. hotel industry is projected to end 2010 with decreases in two of the three key performance measurements, according to STR’s monthly forecast update. STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
The U.S. hotel industry posted a double-digit drop in revenue per available room during 2009. The metric fell 16.7 percent to US$53.71, the largest year-end decrease of any of the three key measurements, according to data from STR. The industry’s occupancy fell 8.7 percent to 55.1 percent for the year and average daily rate dropped 8.8 percent to US$97.51.
Faced with a marketplace still struggling to regain its footing, the majority of hospitality executives remain bearish, but bullish sentiment has begun to gain momentum. According to the DLA Piper 2010 Hospitality Outlook Survey, asset values are expected to stabilize during the next 12 months and the majority of respondents expect the US hospitality industry to rebound in 2011.
The U.S. hotel industry reported decreases in all three key measurements during the week of 10-16 January 2010, according to data from STR. In year-over-year measurements, the industry’s occupancy ended the week virtually flat with an 0.8-percent decrease to 47.8 percent. Average daily rate dropped 7.4 percent to finish the week at US$94.78. RevPAR for the week fell 8.2 percent to finish at US$45.33.
Economic research firm e-forecasting.com in conjunction with STR announced that the Hotel Industry’s Pulse index gained ground in December. After edging down 0.3 percent in November, HIP increased 1.7 percent in December. HIP is a composite indicator that gauges business activity in the U.S. hotel industry in real-time, similar to a GDP measure for the industry. The latest monthly change brought the index to a reading of 82.5. The index is set to equal 100 in 2000.
The U.S. hotel industry reported increases in occupancy and revenue per available room during the week 27 December 2009-2 January 2010, according to data from STR. This is the first week in which two of the three key performance metrics were positive since the week ending 20 December 2008.
The U.S. hotel industry reported increases in occupancy and revenue per available room in year-over-year measurements for the week ending 2 January 2010, according to data from Smith Travel Research. This is the first week in which two of the three key performance metrics were positive since the week ending 20 December 2008.