STR: U.S. hotel results for week ending 11 April
HENDERSONVILLE, Tennessee—Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 5-11 April 2020, according to data from STR.
In comparison with the week of 7-13 April 2019, the industry recorded the following:
- Occupancy: -69.8% to 21.0%
- Average daily rate (ADR): -45.6% to US$74.18
- Revenue per available room (RevPAR): -83.6% to US$15.61
“There was not much of a change from last week. As we’ve noted, RevPAR declines of this severity are our temporary new normal,” said Jan Freitag, STR’s senior VP of lodging insights. “Several weeks of data also point to occupancy in the 20% range to be the low point, and economy hotels holding at a higher occupancy level is the pattern right now.”
Aggregate data for the Top 25 Markets showed steeper declines across the metrics: occupancy (-75.1% to 19.6%), ADR (-51.7% to US$81.58) and RevPAR (-88.0% to US$16.01).
Among those Top 25 Markets, Oahu Island, Hawaii, experienced the largest decrease in occupancy (-90.9%) and the only single-digit absolute occupancy level (7.1%). The drop in occupancy resulted in the steepest decline in RevPAR (-94.0% to US$10.26).
San Francisco/San Mateo, California, posted the largest decrease in ADR (-62.5% to US$107.42).
Of note, occupancy in New York, New York, was down 71.7% to 24.8%. In Seattle, Washington, occupancy dropped 70.9% to 20.2%. Each of those absolute occupancy levels were higher than the previous week, which is likely attributable to an influx of medical workers and first responders requiring lodging in those cities.
Additional Performance Data
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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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