U.S. Hotel Market Posts Postive Performance Gains in Late October

U.S. Hotel Market Posts Postive Performance Gains in Late October

Vacation News » Vacation & Leisure Real Estate Edition | By Michael Gerrity | November 2, 2010 12:16 PM ET

According to Smith Travel Research (STR), the U.S. hotel industry reported increases in all three key performance metrics during the week of October 23, 2010.

In year-over-year comparisons, occupancy increased 8.1 percent to 63.8 percent, average daily rate was up 0.9 percent to US$101.09, and revenue per available room ended the week up 9.1 percent to US$64.46.

Among the Top 25 Markets, Minneapolis-St. Paul, Minnesota-Wisconsin, achieved the largest occupancy increase, rising 19.2 percent to 72.5 percent, followed by Denver, Colorado (+18.8 percent to 71.7 percent), and Detroit, Michigan (+18.1 percent to 60.6 percent).

Philadelphia, Pennsylvania-New Jersey, reported the largest decreases in all three key performance metrics. The Philadelphia Phillies hosted three playoff games for the National League Championship Series during the comparable week in 2009. The market's occupancy fell 6.2 percent to 71.5 percent, ADR was down 12.5 percent to US$112.76, and RevPAR dropped 17.9 percent to US$80.64.

New York, New York, experienced the largest ADR increase, rising 8.8 percent to US$278.60, followed by Boston, Massachusetts, with a 7.7-percent increase to US$168.50.

Three markets reported RevPAR increases of more than 20 percent: Minneapolis-St. Paul (+25.0 percent to US$72.43); Denver, Colorado (+24.2 percent to US$75.39); and Tampa-St. Petersburg, Florida (+20.3 percent to US$53.08).

Real Estate Listings Showcase

This website uses cookies to improve user experience. By using our website you consent in accordance with our Cookie Policy. Read More