Negative Performance Metrics for US Hotel Industry for Week Ending April 15th – 2017
The U.S. hotel industry reported negative performance during the week of 9-15 April. Occupancy decreased 4.6% to 64.3%, ADR decreased 0.2% to $123.41 and RevPAR dropped 4.8% to $79.33.
The U.S. hotel industry reported negative results in the three key performance metrics during the week of 9-15 April 2017, according to data from STR.
Opposite from previous weeks, performance growth was negatively affected by the Easter calendar shift from 27 March 2016 to 16 April 2017. In comparison with the week of 10-16 April 2016, the industry reported the following:
- Occupancy: -4.6% to 64.3%
- Average daily rate (ADR): -0.2% to US$123.41
- Revenue per available room (RevPAR): -4.8% to US$79.33
Eight Top 25 Markets saw an increase in RevPAR for the week, led by Norfolk/Virginia Beach, Virginia (+38.3% to US$76.98). Growth in Norfolk/Virginia Beach was driven by the largest rise in occupancy (+24.3% to 75.4%) and the second-highest lift in ADR (+11.2% to US$102.15).
Two additional markets experienced double-digit RevPAR growth: Orlando, Florida (+30.1% to US$124.73), and Miami/Hialeah, Florida (+24.6% to US$195.89).
Along with the aforementioned Norfolk/Virginia Beach, two markets posted a double-digit increase in ADR: Miami/Hialeah (+18.3% to US$234.62) and Oahu Island, Hawaii (+10.2% to US$230.06).
Of the 13 Top 25 Markets to see a double-digit decline in RevPAR, four reported a decrease of more than 25.0% in the metric: New Orleans, Louisiana (-31.9% to US$88.78); St. Louis, Missouri-Illinois (-27.3% to US$60.02); Minneapolis/St. Paul, Minnesota-Wisconsin (-26.9% to US$60.35); and Chicago, Illinois (-25.6% to US$74.96).
New Orleans reported the largest drop in ADR (-21.2% to US$132.49). Six other markets reported a double-digit decrease in the metric.
Ten markets experienced a double-digit decline in occupancy, five of which saw a decrease of more than 15.0%: St. Louis (-19.3% to 60.2%); Minneapolis/St. Paul (-18.3% to 57.3%); Detroit, Michigan (-17.2% to 57.1%); Denver, Colorado (-17.0% to 60.0%); and Nashville, Tennessee (-15.3% to 69.4%).
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Categories: Hotel Industry News