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.
The U.S. hotel industry posted declines in all three key performance measurements during the week 20-26 December 2009, according to data from STR. In year-over-year measurements, the industry's occupancy fell 5.4 percent to end the week at 33.8 percent. Average daily rate dropped 8.0 percent to finish the week at US$85.78. Revenue per available room for the week decreased 13.0 percent to finish at US$29.02.
The U.S. hotel industry posted declines in all three key performance measurements during November, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 4.3 percent to end the month at 49.5 percent. Average daily rate dropped 8.3 percent to finish the month at US$93.60. Revenue per available room for the month decreased 12.3 percent to finish at US$46.33.
The U.S. hotel industry posted declines in all three key performance measurements during the week 6-12 December 2009, according to data from STR. In year-over-year measurements, the industry's occupancy fell 2.9 percent to end the week at 48.1 percent. Average daily rate dropped 5.9 percent to finish the week at US$96.04. Revenue per available room for the week decreased 8.6 percent to finish at US$46.22.
PKF Hospitality Research (PKF-HR) today announced that, according to its December 2009 edition of Hotel Horizons, the pace of recovery of the U.S. lodging industry has accelerated from previous expectations. Improving industry data for such key indicators as occupancy, RevPAR, and demand suggest that the recovery will arrive a full quarter earlier than the firm expected in September 2009. These improvements are reflected in the firm’s updated forecasts for 2009 and 2010 in its just published December issue of Hotel Horizons.
The total active U.S. hotel development pipeline includes 3,939 projects comprising 417,412 rooms, according to the November 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 33.9-percent decrease in the number of rooms in the total active pipeline compared to November 2008. 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 posted declines in all three key performance measurements during the week of 29 November-5 December 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 4.9 percent to end the week at 47.6 percent. Average daily rate dropped 7.3 percent to finish the week at US$96.25. Revenue per available room for the week decreased 11.9 percent to finish at US$45.86.
The Canadian hotel industry posted declines in all three key performance measurements during the week of 29 November-5 December, according to data from STR. In year-over-year measurements, the industry’s occupancy decreased 5.4 percent to end the week at 55.8 percent. Average daily rate dropped 3.5 percent to finish the week at CAD$119.41. Revenue per available room for the week decreased 8.7 percent to finish at CAD$66.61.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 22-28 November 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 1.7 percent to end the week at 40.7 percent. Average daily rate dropped 6.7 percent to finish the week at US$84.81. Revenue per available room for the week decreased 8.4 percent to finish at US$34.54.
The Canadian hotel industry posted declines in all three key performance measurements during the week of 22-28 November, according to data from STR. In year-over-year measurements, the industry’s occupancy decreased 6.4 percent to end the week at 55.8 percent. Average daily rate dropped 3.0 percent to finish the week at CAD$119.50. Revenue per available room for the week decreased 9.2 percent to finish at CAD$66.66.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 15-21 November 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 2.8 percent to end the week at 52.7 percent. Average daily rate dropped 7.6 percent to finish the week at US$95.85. Revenue per available room for the week decreased 10.1 percent to finish at US$50.55.
Without question, 2009 has been a year of considerable challenge for practically every travel service provider. So, as the year comes to a close, our thoughts turn to the year ahead with the hope that market conditions will improve. And for some in the industry, just "stabilize" would come as welcomed relief. The results of our most recent travelhorizonsTM survey (which we co-author every 90 days with the U.S. Travel Association) suggest we’re not out of the woods yet, however. And, not surprisingly, value will be in vogue once again.
The U.S. hotel industry posted declines in all three key performance measurements during October, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 6.2 percent to end the month at 58.1 percent. Average daily rate dropped 8.2 percent to finish the month at US$99.08. Revenue per available room for the month decreased 13.8 percent to finish at US$57.57.
As part of its monthly forecast program, STR is projecting the U.S. hotel industry will report increases in all three key metrics in 2011. STR’s forecast projects 2011 occupancy to be up 2.4 percent to 56.2 percent, average daily rate to increase 3.0 percent to US$96.81, and revenue per available room to jump 5.5 percent to US$54.41.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 8-14 November 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 6.4 percent to end the week at 52.6 percent. Average daily rate dropped 9.9 percent to finish the week at US$95.86. Revenue per available room for the week decreased 15.7 percent to finish at US$50.47.
Smith Travel Research classifies nearly 2,200 U.S. hotels representing about 301,000 rooms as “airport” locations. These hotels usually are within three miles of an airport and primarily serve demand generated by airport traffic. Based on the 12 months ending September 2009, airport hotels generated more than US$6 billion in room revenue, about 6 percent of the U.S. total. More than 40 percent of airport hotel rooms are classified as upper-upscale or upscale, with another 18 percent falling into the midscale-without-food-and-beverage segment.