Mixed Performance Metrics for Canadian Hotel Industry Week Ending 29 August 2015
The Canadian hotel industry reported mixed results in the three key performance metrics during the week of 23-29 August 2015, according to data from STR, Inc.
In year-over-year measurements, the industry's occupancy decreased 2.7% to 64.8%. Average daily rate for the week was up 1.5% to US$115.95. Revenue per available room declined 1.2% to finish the week at US$75.16.
Abu Dhabi Hotels reported a 27.2% growth in revenue per available room (RevPAR) to US$73.01 in July, driven by a 10.5 percentage point rise in occupancy levels to 60.8%. The improvement in RevPAR can also be attributed to an average room rate (ARR) growth of 5.2% to US$120.05.
According to the statistics, the number of Chinese outbound tourists in 2014 totaled 107 million, a year-on-year growth of 19.5%. It is expected that the year 2015 will see a year-on-year growth of 16% or higher.
The New York City borough of Manhattan is among the strongest, most diverse, and most dynamic hotel markets in the world. Manhattans resiliency has been borne out over the course of recovery from three national recessions over the past 25 years.
Hotels in the Americas region recorded positive results in the three key performance metrics when reported in U.S. dollar constant currency, according to July 2015 data compiled by STR, Inc. and STR Global.