STR reports U.S. hotel performance for November 2008
In year-over-year measurements, the industry's RevPAR in November fell to US$52.86 (US$60.68 in 2007). Average daily rate decreased 2.5 percent to finish the month at US$101.81 (US$104.47 in 2007). Occupancy for the month dropped 10.6 percent to finish at 51.9 percent (58.1 percent in 2007).
For the year to date, the U.S. hotel industry's ADR for the first 11 months checked in at US$107.02, up 2.8 percent from 2007's US$104.12. RevPAR through November is US$66.18, down 1.3 percent from the US$67.07 it recorded in 2007. Occupancy is down 4.0 percent (61.8 percent in 2008, 64.4 percent in 2007). See table below (all currency U.S. dollars):
All seven chain-scale segments experienced significant drop-offs in two of the three key measurement categories during November (all currency in U.S. dollars):
The chain-scale segments experienced mixed results in year-to-date data (all currency in U.S. dollars):
'The industry's performance has weakened as the year has progressed, but one silver lining is that as a whole, the industry has been able to achieve positive year-over-year year-to-date ADR growth through November,' said Mark Lomanno, president of STR. 'Like most industries during this recession, the lodging industry began experiencing tough times rather quickly during the second half of 2008, and there are no signs that the deterioration in business will stop in the short term. However, we still believe that after a very bumpy first half of 2009, the hotel industry will begin to see a light at the end of the tunnel as the second half of the year unfolds.'
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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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