STR: U.S. hotel results for week ending 9 May
HENDERSONVILLE, Tennessee—STR data for 3-9 May 2020 showed continues modest gains in U.S. hotel occupancy compared with previous weeks, but a similar level of year-over-year decline in the three key performance metrics.
In comparison with the week of 5-11 May 2019, the industry recorded the following:
- Occupancy: -55.9% to 30.1%
- Average daily rate (ADR): -42.1% to US$76.35
- Revenue per available room (RevPAR): -74.4% to US$22.95
Previous weekly U.S. weekly occupancy levels:
- April 26 through May 2: 28.6%
- April 19-25 2020: 26.0%
- April 12-18 2020: 23.4%
- April 5-11 2020: 21.0%
“The industry reported its fourth consecutive week-to-week increase in demand as the slow and steady ascent in national occupancy continued,” said Jan Freitag, STR’s senior VP of lodging insights. “More people are flying, as shown in daily checkpoint counts from the TSA, and more people are staying in hotels for a variety of purposes—the weekly number of rooms sold topped 10 million for the first time since the end of March. The markets benefiting more from leisure sources in areas with more relaxed distancing measures will see a sharper recovery line than others. Overall, the recovery will be uneven across the country.”
Aggregate data for the Top 25 Markets showed larger year-over-year declines than the national averages: occupancy (-63.2% to 27.9%), ADR (-49.5% to US$82.68) and RevPAR (-81.4% to US$23.07).
Among those Top 25 Markets, Oahu Island, Hawaii, experienced the largest drop in occupancy (-87.1% to 10.3%), which resulted in the steepest decrease in RevPAR (-91.2% to US$15.22).
Boston, Massachusetts, posted the largest decline in ADR (-59.8% to US$88.45).
Of note, absolute occupancy in New York, New York, was 43.7%, down slightly from 44.9% the previous week.
In Seattle, Washington, occupancy was 24.8%, up from 23.8% the week prior.
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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