STR: Tampa hotels posted moderate rate gains on Super Bowl Weekend
BROOMFIELD, Colorado—With limited attendance and game festivities, Tampa’s hotel performance gains came in far lower than that of previous Super Bowl host markets, according to STR. Despite the current pandemic environment, the market was still able to post a 64.5% year-over-year increase in average daily rate (ADR).
During the nights of Friday-Sunday, 5-7 February, Tampa posted an absolute ADR of US$245.82, which drove revenue per available room (RevPAR) of US$202.59 (+64.9%). Occupancy in the market was 82.4%, relatively flat in comparison to the equivalent days last year.
“Due to the circumstances around COVID-19, performance was certainly not what Tampa hoteliers dreamed about when the market was selected to host the Super Bowl,” said Blake Reiter, STR director of custom forecasts. “We typically see elevated performance beginning in the two-week leadup to the main event. This year, however, pandemic limitations were very evident in this regard. From the last week of January through the Thursday prior to the game, the market saw just a 58% occupancy level and an average rate of $121. Those levels each represented double-digit declines from the equivalent days last year. The most telling data from this year’s Super Bowl is that of RevPAR. No Super Bowl market in recent history has seen anything less than a doubling in the metric from the year prior. Tampa saw just a 65% increase in RevPAR, which was entirely driven by rate.”
"While the NFL clearly had significant protocols in place entering the season, no one truly knew how the season would turn out and whether or not it would be played in its entirety without getting cancelled at some point. The fact that the season culminated in a successful Super Bowl can only be viewed as a monumental success."
The areas nearest Raymond James Stadium posted higher performance in absolute terms. The STR-defined Tampa CBD/Airport submarket experienced the highest occupancy (92.6%) and ADR (US$384.73). Tampa East was the only other submarket to see an occupancy level above 80% (at 87.1%). Clearwater posted the second-highest ADR at US$211.90.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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