by Calculated Risk on 9/11/2009 12:25:00 PM
Friday, September 11, 2009
Note: Last year Labor Day was a week earlier (Sept 1st in 2008, Sept 7th this year) and that made the comparison last week more difficult, and the comparison easier this week.
From HotelNewsNow.com: STR weekly numbers show improvement in easy comp week
With the Labor Day holiday weekend falling a week later than 2008, the year-over-year comparisons for the week ending 5 September 2009 were not as harsh as usual,according to Smith Travel Research.Click on graph for larger image in new window.
Overall the U.S. hotel industry’s occupancy fell 1.4 percent to end the week at 53.4 percent, ADR dropped 8.6 percent to US$92.20, and RevPAR decreased 9.9 percent to finish at US$49.28.
This graph shows the YoY change in the occupancy rate (3 week trailing average).
The three week average is off 7.1% from the same period in 2008.
The average daily rate is down 8.6%, and RevPAR is off 9.9% from the same week last year.
Earlier this year business travel was off much more than leisure travel. So it was expected that the summer months would not be as weak as earlier in the year. The next few weeks will be the real test for business travel, and for the hotel industry.