The U.S. hotel industry posted increases in the key performance measurements of average daily rate and revenue per available room during the month of July, according to data from STR.
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In year-over-year measurements, the industry's occupancy fell 2.1 percent to end the month at 69.3% percent. ADR increased 2.5 percent to finish the month at $106.50. RevPAR for July increased 0.4 percent to finish at $73.81.
Year-to-date occupancy fell 2.5 percent to 62.6%. ADR reached $107.45 - a 3.9 percent increase. At $67.24, RevPAR is up 1.3 percent for the first seven months of 2008.
'July U.S. lodging industry performance came in as it was anticipated,' said Bobby Bowers, senior VP of operations at STR. 'Occupancy declined, due primarily to continued supply growth, but room demand (room nights sold) actually increased slightly. Total industry RevPAR inched ahead 0.4 percent, but the largest 25 markets experienced 2.1 percent growth, driven by New York, Houston, San Francisco and DC.'
For the month of July, revenue per available room increased in 16 of the top 25 markets.
About STR & STR Global
For more than 20 years, Smith Travel Research has been the recognized leader for lodging industry benchmarking and research. Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide. STR is headquartered in Hendersonville, Tenn., and STR Global is based in London. For more information, visit www.smithtravelresearch.com or www.strglobal.com.
