by Calculated Risk on 9/16/2019 10:14:00 AM
Monday, September 16, 2019
First, some analysis from HotelNewsNow on the impact of short term rentals on hotels: The effects of maturing short-term rentals on US hotels
From HotelNewsNow.com: STR: US hotel results for week ending 7 September
The U.S. hotel industry reported negative year-over-year results in the three key performance metrics during the week of 1-7 September 2019, 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 September 2018, the industry recorded the following:
• Occupancy: -1.1% to 61.0%
• Average daily rate (ADR): -1.0% to US$121.37
• Revenue per available room (RevPAR): -2.1% at US$73.97
Reflective of the anticipation of Hurricane Dorian’s landfall, Miami/Hialeah, Florida, reported the steepest decline in RevPAR (-27.0% to US$60.47), due primarily to the largest drop in occupancy (-20.8% to 47.6%). The market registered the second-largest decrease in ADR (-7.9% to US$127.12).
Orlando, Florida, experienced the only other double-digit decline in occupancy (-14.8% to 51.9%) and the third-largest decrease in RevPAR (-13.7% to US$51.13).
Click on graph for larger image.
The red line is for 2019, dash light blue is 2018 (record year), blue is the median, and black is for 2009 (the worst year probably since the Great Depression for hotels).
Occupancy has been solid in 2019, and close to-date compared to the previous 4 years.
However occupancy will be lower this year than in 2018 (the record year).
Seasonally, the 4-week average of the occupancy rate will now move sideways until the Fall business travel season.
Data Source: STR, Courtesy of HotelNewsNow.com
Posted by Calculated Risk on 9/16/2019 10:14:00 AM