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Vacation Real Estate News
U.S. Hotel Market Posts Positive Gains in May, Says STR Report
According to STR, the U.S. hotel industry posted increases in all three key performance measurements during May 2011.
In year-over-year measurements, the industry's occupancy was up 4.6 percent to 61.5 percent, average daily rate ended the month with a 4.0-percent increase to US$101.54, and revenue per available room rose 8.8 percent to US$62.47.
"The U.S. hotel industry continues to get closer to peak ADR levels reached in 2008," said Amanda Hite, president at STR. "May's gains and the steady ADR gains for the year are positive signs that hoteliers are starting to feel comfortable leveraging rates. With consistent demand for hotel rooms it is clear that the industry is on the right path, and we are looking for even more improvement in ADR for the remainder of 2011."
Among the Top 25 Markets, Detroit, Michigan, experienced the largest occupancy increase, rising 13.7 percent to 61.4 percent, followed by Tampa-St. Petersburg, Florida, with a 13.0-percent increase to 58.6 percent. Nashville, Tennessee (-5.8 percent to 63.7 percent), and New York, New York (-1.9 percent to 85.9 percent), reported the only occupancy decreases among the top markets.
Four markets achieved double-digit ADR increases: San Francisco/San Mateo, California (+16.5 percent to US$157.06); Nashville (+11.9 percent to US$92.88); Oahu Island, Hawaii (+11.5 percent to US$158.85); and Chicago, Illinois (+10.5 percent to US$125.96).
None of the top markets reported ADR or RevPAR decreases for the month.
San Francisco/San Mateo RevPAR jumped 25.0 percent to US$129.77, reporting the largest increase in that metric. Five other markets also experienced RevPAR increases of more than 15 percent: Miami-Hialeah, Florida (+18.1 percent to US$106.02); Detroit (+17.7 percent to US$47.72); Orlando, Florida (+16.5 percent to US$58.87); Tampa-St. Petersburg (+16.4 percent to US$54.60); and Oahu Island (+15.3 percent to US$120.62).
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