by Calculated Risk on 9/24/2017 11:00:00 AM
Sunday, September 24, 2017
Hotel Occupancy Rate just Behind Record Year
From HotelNewsNow.com: STR: US hotel results for week ending 16 September
The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the week of 10-16 September 2017, according to data from STR.The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average.
In comparison with the week of 11-17 September 2016, the industry recorded the following:
• Occupancy: +0.5% to 72.2%
• Average daily rate (ADR): +1.4% to US$131.50
• Revenue per available room (RevPAR): +1.8% to US$94.97
Among the Top 25 Markets, Houston, Texas, reported the largest year-over-year increases in occupancy (+43.3% to 87.8%) and RevPAR (+58.6% to US$103.24). Amid recovery from Hurricane Harvey, Houston also posted an ADR increase of 10.7% to US$117.63.
Tampa/St. Petersburg, Florida, posted the second-highest lift in occupancy (+13.8% to 70.3%), that coupled with the highest increase in ADR (+14.1% to US$119.06), led the second-largest jump in RevPAR (+29.9% to US$83.75).
emphasis added
Currently the occupancy rate, to date, is ahead of last year, and just behind the record year in 2015. The hurricanes might push the annual occupancy rate to a new record.
Seasonally, the occupancy rate will increase into the Fall business travel season.
Data Source: STR, Courtesy of HotelNewsNow.com