Home » Hotel Trends » Currently Reading:

STR: $50 million in hotel room revenue lost during Hurricane Matthew

October 28, 2016 Hotel Trends No Comments Print Print Email Email

The five U.S. states in the path of Hurricane Matthew saw a net hotel room revenue loss of approximately US$50 million during the days of and around the storm, according to STR’s consulting and analytics division.http://www.seychelles.travel/

For the purpose of its Hurricane Matthew analysis, STR examined the hotel room revenue impact in Florida, Georgia, North Carolina, South Carolina and Virginia.

“When looking at the net impact on hotel demand and rates, the story was very similar to what we saw when Hurricane Sandy hit in late 2012,” said Steve Hennis, STR’s VP of consulting and analytics. “Unfortunately, the overall loss will be higher once you factor in future lost business as a result of the extensive damage and renovations that many hotels will require prior to reopening.”

The major markets most affected were Orlando, Florida (-14.5 million); Miami/Hialeah, Florida (-13.6 million); and Charleston, South Carolina (-9.6 million).

The submarkets most affected were Miami Beach, Florida (-10.2 million), and Charleston/West Ashley, South Carolina (-7.3 million).

The most affected day was Friday, 7 October.

“There also were many submarkets that saw positive gains as hotels catered to evacuees, stranded visitors, emergency management personnel and the media,” Hennis said.

Those submarkets included: Tampa CBD/Airport, Florida (+2.7 million); Georgia South Area (+2.1 million); Greenville, South Carolina (+1.5 million); North Carolina Southeast Area (+1.5 million); and Charlotte CBD/Airport, North Carolina-South Carolina (+1.4 million).

Comment on this Article:







Time limit is exhausted. Please reload CAPTCHA.

Platinium Partnership

ADVERTISEMENTS

Elite Partnership Sponsors

ADVERTISEMENTS


Premier Partnership Sponsors

ADVERTISEMENTS


Official Media Event Partner

ADVERTISEMENTS

Global Travel media endorses the following travel publication

ADVERTISEMENTS