STR reports U.S. hotel performance for the week ending 13 December 2008
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In year-over-year measurements, the industry's occupancy rate fell 5.6 percent to end the week at 49.6 percent (52.6 percent during the comparable week in 2007). Average daily rate slipped 0.2 percent to finish the period at US$101.80 (US$102.04 in 2007). Revenue per available room for the week dropped 5.8 percent to finish at US$50.52 (US$53.66 in 2007).
Top 25 Markets had mixed results for the week. The largest increases in occupancy rates for the week occurred in Orlando, Florida (+16.6 percent), Houston, Texas (+9.1 percent), and Norfolk/Virginia Beach, Virginia (+6.4 percent). The largest decreases in occupancy rate were in New Orleans, Louisiana (-18.9 percent), Detroit, Michigan (-16.8 percent), and Phoenix, Arizona (-14.2 percent). The largest ADR gains among Top 25 Markets: San Francisco/San Mateo, California (+14.4 percent), Nashville, Tennessee (+9.5 percent), and Houston (+9.0 percent). The largest ADR declines occurred in Atlanta, Georgia (-12.6 percent), Oahu Island, Hawaii (-10.4 percent), and Detroit (-8.0 percent). The largest RevPAR gains occurred in Houston (+18.9 percent), Orlando (+15.5 percent), and Nashville (+10.7 percent). The Top 25 Markets with the largest RevPAR declines: Atlanta (-24.3 percent), Detroit (-23.4 percent), and New Orleans (-22.6 percent).
Occupancy by day of the week showed a trend of decreasing business travel. All seven days experienced occupancy declines, but the middle of the week was the hardest hit. Tuesday, 9 December, showed a year-over-year decline of 6.7 percent to 56.4 percent occupancy. Wednesday, 10 December, experienced a 6.7-percent decline to 55.4 percent. Wednesday, 11 December, posted an 8.0-percent drop to 49.0 percent.
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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.
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