STR: U.S. hotel results for week ending 22 August
HENDERSONVILLE, Tennessee—U.S. hotel occupancy fell to a three-week low during the period of 16-22 August, according to the latest data from STR.
16-22 August 2020 (percentage change from comparable week in 2019):
- Occupancy: 48.8% (-30.3%)
- Average daily rate (ADR): US$100.08 (-22.7%)
- Revenue per available room (RevPAR): US$48.81 (-46.1%)
The prior week, the industry had reached 50% occupancy for the first time since mid-March. Lower occupancy came as U.S. room demand declined week over week for the first time since mid-April. Reflective of school openings and less vacation travel, the industry sold 492,000 fewer room nights than the previous week, which represented a decrease of 2.7%. STR projects similar challenges with no corporate demand to replace leisure demand lost to the beginning of the school year.
Aggregate data for the Top 25 Markets showed lower occupancy (41.8%) and ADR (US$99.11) than all other markets.
Norfolk/Virginia Beach, Virginia, was the only one of those major markets to reach a 60% occupancy level (61.2%).
Three additional markets reached or surpassed 50% occupancy: San Diego, California (54.1%); Los Angeles/Long Beach, California (54.0%); and Detroit, Michigan (50.3%).
Markets with the lowest occupancy levels for the week included Oahu Island, Hawaii (26.5%), and Orlando, Florida (29.3%).
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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