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STR: US hotel performance for August 2016

September 23, 2016 Hotel Trends No Comments Print Print Email Email

The U.S. hotel industry recorded mostly positive results in the three key performance metrics during August 2016, according to data from STR.

http://www.deevanahotels.com/

Compared with August 2015, the U.S. hotel industry’s occupancy was nearly flat (-0.4% to 70.2%). However, average daily rate for the month increased 2.5% to US$125.42, and revenue per available room grew 2.1% to US$88.10.

“The slowdown continued in August with the second-lowest RevPAR growth figure of the year,” said Jan Freitag, STR’s senior VP for lodging insights. “With year-to-date supply growth (+1.5%) ahead of demand (+1.3%), ADR is the sole driver of RevPAR, and the 2.5% ADR increase matched May for the lowest this year.

“On the bright side, we sold more roomnights than any other August on record, and ADR and RevPAR are still at all-time highs,” Freitag said. “RevPAR has now grown year over year for 78 consecutive months, and even with muted expectations, we don’t anticipate that changing anytime soon.”

Among the Top 25 Markets, Philadelphia, Pennsylvania-New Jersey, posted the largest year-over-year increase in occupancy (+5.2% to 76.7%) as well as the only double-digit increases in ADR (+11.3% to US$132.68) and RevPAR (+17.1% to US$101.71).

The next highest RevPAR increases were reported in Tampa/St. Petersburg, Florida (+8.4% to US$70.15); Los Angeles/Long Beach, California (+7.4% to US$165.14); Nashville, Tennessee (+7.2% to US$95.78); and Detroit, Michigan (+7.0% to US$73.19).

In absolute values, San Francisco/San Mateo, California, reported the highest occupancy level (89.3%).

Oahu Island, Hawaii, recorded the highest ADR (US$243.51) and RevPAR (US$211.63).

Houston, Texas, reported the largest declines in occupancy (-8.8% to 59.7%) and RevPAR (-12.7% to US$58.46).

New Orleans, Louisiana, reported the largest drop in ADR (-6.2% to US$106.29) and the second-largest RevPAR decrease for the month (-9.0% to US$60.62).

“The top markets (RevPAR +2.0%) performed pretty closely to all other markets (RevPAR +2.1%),” Freitag said. “The bad news continued for Houston with a significant supply and demand imbalance. We also saw supply growth affect RevPAR performance in markets like New York and Miami.”

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