Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 12-18 April 2020, according to data from STR.
In comparison with the week of 14-20 April 2019, the industry recorded the following:
• Occupancy: -64.4% to 23.4%
• Average daily rate (ADR): -42.2% to US$74.53
• Revenue per available room (RevPAR): -79.4% to US$17.43
“Absolute occupancy and ADR were actually up slightly from the previous week, but it is important to state that this is not any type of early-recovery sign,” said Jan Freitag, STR’s senior VP of lodging insights. “Rather, more demand can be attributed to frontline workers. A perfect example, the most notable occupancy level (33.3%) came in the New York City market, which has welcomed an influx of workers from the medical community.”
Aggregate data for the Top 25 Markets showed steeper declines across the metrics: occupancy (-71.3% to 21.5%), ADR (-48.3% to US$81.89) and RevPAR (-85.2% to US$17.63).
Among those Top 25 Markets, Oahu Island, Hawaii, experienced the largest drop in occupancy (-90.4%) and the only single-digit absolute occupancy level (8.0%). The decline in occupancy resulted in the steepest decrease in RevPAR (-94.0% to US$11.39).
Miami/Hialeah, Florida, posted the largest decline in ADR (-56.8% to US$101.51).
Occupancy in the New York, New York, market was down 63.8% to 33.3%.
In Seattle, Washington, occupancy dropped 71.6% to 20.0%.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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