Positive YOY Results for US Hotel Industry for Week Ending October 7th – 2017
During the week of 1-7 October, the U.S. hotel industry reported occupancy rose 0.9% to 71.4%, ADR increased 2% to $130.92 and RevPAR increased 3% to $93.51.
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.
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).
Four additional Top 25 Markets reported double-digit increases in RevPAR: Miami/Hialeah, Florida (+34.4% to US$119.68); Orlando, Florida (+32.8% to US$109.55); Norfolk/Virginia Beach, Virginia (+27.2% to US$57.86); and San Diego, California (+10.6% to US$129.66).
Three of those markets recorded a double-digit increase in occupancy for the week: Miami/Hialeah (+27.1% to 75.3%), Norfolk/Virginia Beach (+18.6% to 61.2%) and Orlando (+14.9% to 82.8%).
Orlando posted the highest lift in ADR (+15.6% to US$132.25). Nashville, Tennessee (+10.3% to US$162.49), was the third and final market to register double-digit growth in the metric.
New Orleans, Louisiana, saw the largest decreases in occupancy (-19.6% to 58.2%) and RevPAR (-25.8% to US$78.49).
Minneapolis/St. Paul, Minnesota-Wisconsin, reported the steepest decline in ADR (-11.7% to US$125.43), that coupled with the second-largest decrease in occupancy (-13.4% to 75.1%), led to the second-largest drop in RevPAR (-23.6% to US$94.14).
Two additional Top 25 markets reported a double-digit decrease in RevPAR: St. Louis, Missouri-Illinois (-15.1% to US$68.81), and Atlanta, Georgia (-10.3% to US$79.76).
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: Market Reports