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STR: US hotel results for week ending 29 October

November 7, 2016 Hotel Trends No Comments Email Email

The U.S. hotel industry reported positive results in the three key performance metrics during the week of 23-29 October 2016, according to data from STR.

In year-over-year comparisons, the industry’s occupancy increased 8.1% to 67.2%. Average daily rate (ADR) rose 4.3% to US$125.98. Revenue per available room (RevPAR) grew 12.7% to US$84.62.

STR analysts cite a positive impact on the week’s results due to a Halloween calendar shift. With the holiday on a Monday as opposed to a Saturday (2015), there was greater demand (year over year) in the Group and Transient segments.

Among the Top 25 Markets, World Series co-host Chicago, Illinois, posted the largest year-over-year increases in ADR (+16.3% to US$171.39) and RevPAR (+36.3% to US$134.79). Occupancy in the market rose 17.1% to 78.6%.

Four additional markets saw a RevPAR increase of 20.0% or more: New Orleans, Louisiana (+30.6% to US$152.96); Norfolk/Virginia Beach, Virginia (+27.5% to US$50.87); Denver, Colorado (+20.6% to US$102.33); and Philadelphia, Pennsylvania-New Jersey (+20.1% to US$114.50).

Overall, 14 of the Top 25 Markets experienced double-digit growth in RevPAR for the week.

After Chicago, two markets recorded a double-digit rise in ADR: New Orleans (+13.1% to US$180.93) and Nashville, Tennessee (+11.1% to US$145.76).

Norfolk/Virginia Beach registered the week’s largest increase in occupancy (+21.2% to 59.2%). Aside from Chicago, four more markets saw a double-digit lift in the metric: New Orleans (+15.5% to 84.5%); Philadelphia (+11.4% to 77.6%); Washington, D.C.-Maryland-Virginia (+11.1% to 78.7%); and Denver (+10.2% to 75.9%).

San Francisco/San Mateo, California, reported the only double-digit decrease in ADR (-16.1% to US$235.95) and the largest drop in RevPAR (-12.6% to US$203.09). Occupancy in the market was up 4.1% to 86.1%.

Two additional markets saw a double-digit decline in RevPAR: Houston, Texas (-11.4% to US$67.99), and Miami/Hialeah, Florida (-10.3% to US$112.85).

Miami also reported the largest decrease in occupancy (-6.6% to 69.6%).

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