by Calculated Risk on 10/12/2017 02:50:00 PM
Thursday, October 12, 2017
Hotel Occupancy Rate increases YoY, Just behind Record Year
From HotelNewsNow.com: STR: US hotel results for week ending 7 October
The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the week of 1-7 October 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 2-8 October 2016, the industry recorded the following:
• Occupancy: +0.9% to 71.4%
• Average daily rate (ADR): +2.0% to US$130.92
• Revenue per available room (RevPAR): +3.0% to US$93.51
Among the Top 25 Markets, Houston, Texas, once again reported the largest year-over-year increases in occupancy (+45.0% to 85.9%) and RevPAR (+66.0% to US$99.25). With a spike in post-Hurricane Harvey demand, Houston also posted the second-largest ADR increase (+14.5% to US$115.51).
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 remain close to this level during the Fall business travel season.
Data Source: STR, Courtesy of HotelNewsNow.com