Friday, July 17, 2009

Hotel RevPAR off 18.4%

by Calculated Risk on 7/17/2009 12:43:00 PM

From HotelNewsNow.com: STR reports U.S. performance for week ending 11 July 2009

In year-over-year measurements, the industry’s occupancy fell 9.7 percent to end the week at 60.3 percent. Average daily rate dropped 9.6 percent to finish the week at US$93.97. Revenue per available room for the week decreased 18.4 percent to finish at US$56.65.
Although the occupancy rate was off 9.7 percent compared to the same week in 2008, in both 2006 and 2007 the occupancy rate for the week after the 4th of July weekend was over 74 percent (last year it was 66.8 percent). The occupancy rate is off about 19 percent compared to 2007.

Hotel Occupancy Rate Click on graph for larger image in new window.

This graph shows the YoY change in the occupancy rate (3 week trailing average).

The three week average is off 8.2% from the same period in 2008.

The average daily rate is down 9.6%, and RevPAR is off 18.4% from the same week last year.

Note: Business travel is off much more than leisure travel - so the summer months will probably not be as weak as other times of the year.

Data Source: Smith Travel Research, Courtesy of HotelNewsNow.com