Group items tagged

IN THE FIRST week of February, U.S. weekly hotel occupancy eclipsed 50 percent for the first time in more than a month, according to STR. However, occupancy declined for the week under review when compared to the same period in 2019. Occupancy was 50.4 percent for the week ending Feb. 5, up from 49.7 percent the week before and down 15.8 percent from the comparable week in 2019. ADR was $125.06 for the week, up from $122.40 the week before and down just 1.2 percent from two years ago. RevPAR reached $63.05 during the week under review, up from $60.82 the week before and down 16.8 percent from the same period two years ago. According to the report, none of STR's top 25 markets recorded an occupancy increase over 2019. Norfolk/Virginia Beach came closest to its pre-pandemic level, down just 0.6 percent to 47.3 percent.

NOVEMBER BROUGHT A little less for U.S. hotels to be thankful for compared to the prior month, according to STR, but also saw improvements over 2019's performance. Meanwhile, with Christmas a week away, performance surpassed the comparable time period for 2019. Occupancy for November reached 57.6 percent, down from 62.9 percent in October and down 6.2 percent compared to 2019. October's occupancy was 8.8 percent lower than the same month in 2019. ADR was $128.50 for the month, lower than October's $134.78 but 2.4 percent higher than November 2019. RevPAR also was down on a month-to-month basis, $74.03 versus $84.75, but it was only down 3.9 percent from the same month in 2019 versus a 7.6 percent difference between October 2021 and October 2019. New York City had the highest occupancy for the month among STR's top 25 markets with 71.2 percent. That was still down 17.9 percent from 2019. None of the top 25 markets saw higher occupancy than 2019.

U.S. HOTEL PERFORMANCE increased in the second week of December, according to STR. ADR was up during the week when compared to same period in 2019. Occupancy was 57.4 percent for the week ending Dec. 11, up from 54.8 percent the week before and down by 4.8 percent for the same period in 2019. ADR for the week was $128.35, up from $127.92 the week before and increased 2.3 percent when compared to two years ago. RevPAR increased to $73.73 during the week from $70.08 for the week before but dropped 2.7 percent for the same period in 2019. Among the Top 25 Markets, Norfolk/Virginia Beach saw the only occupancy increase among STR's top 25 markets during the week, up 4.2 percent to 55.2 percent over 2019. New York City reported the highest weekly occupancy level of any STR-defined U.S. market at 81.5 percent. However, its occupancy level was 13 percent lower than two years ago. Miami registered the largest ADR increase during the period, up 30.1 percent to $229.34, when compared to 2019.

U.S. EXTENDED-STAY HOTELS set new records for demand, ADR, RevPAR and room revenues in the fourth quarter of 2022, according to a report from hotel investment advisors The Highland Group. Also, the report showed rate resistance is apparent at lower price points due to recession and the economy extended-stay segment reported nine consecutive months of declining demand and three successive quarterly falls in occupancy. According to the Highland Group's "U.S. Extended-Stay Hotels: Fourth Quarter 2022" report, mid-price extended-stay hotels reported their second consecutive quarterly decline in occupancy in fourth quarter. Similar occupancy declines occurred for about two years starting in mid-2015 before ADR growth moderated and occupancy recovered. Extended-stay hotel supply growth was the lowest since 2013 during the quarter, below its long-term historical average for 20 consecutive quarters. The last time extended-stay supply growth was consistently near its current level was from 2010 fourth quarter through third quarter of 2014. "Extended-stay hotel RevPAR was more than 12 percent higher than in fourth quarter of 2019. There were 567,770 extended-stay hotel rooms open at the end of the quarter. Excluding 2020, the 6,481 net gain in rooms open over the last year was the lowest annual increase since 2012. Room nights available increased 1.2 percent over the last year which was the smallest annual gain in supply for nine years," the report said. "Fractional net economy and upscale segment supply gains compared to 2021 are largely due to re-branding moving rooms between segments in our database, de-flagging of hotels which no longer meet brand standards, as well as the sales of some hotels to multi-family apartment companies and municipalities."

U.S. HOTEL OCCUPANCY increased in the first week of December, according to STR. But, all performance metrics were lower during the week when compared to same period in 2019. Occupancy was 54.8 percent for the week ending Dec. 4, up from 53 percent the week before and down from 8.8 percent for the same period in 2019. ADR for the week was $127.92, down from $128.41 the week before and decreased 0.5 percent when compared to two years ago. RevPAR increased to $70.08during the week from $68 for the week before but dropped 9.2 percent for the same period in 2019. According to the report, none of STR's top 25 markets recorded an occupancy increase over 2019, Only Los Angeles matched its 2019 comparable at 70 percent. Miami, lifted by Art Basel, reported the largest ADR increase when compared with 2019, up 32.9 percent to $373.71.

U.S. HOTEL PERFORMANCE saw an uptick in the third week of March compared to the previous week, although year-over-year figures continued to decline, according to CoStar. Key metrics such as occupancy, ADR and RevPAR continued their upward trajectory during this period compared to the preceding week. Occupancy increased to 66.5 percent for the week ending March 16, up from the previous week's 63.2 percent, reflecting a 1.4 percent year-over-year decline. ADR rose to $163.21 from $156.96 the previous week, marking a 2.1 percent decrease compared to last year. RevPAR reached $108.51, up from the previous week's $99.17, signifying a 3.5 percent decrease compared to the same period in 2023. Among the top 25 markets, Seattle reported significant year-over-year increases in occupancy, rising by 12.7 percent to 73 percent, and in RevPAR, which increased by 21.7 percent to $120.29.

U.S. HOTEL PERFORMANCE moved closer to pre-pandemic levels during the third week of November according to STR. It dipped, however, from the week before. Occupancy was 59.7 percent for the week ending Nov. 20, down from 61.6 percent for the week before and a slight decrease of 2.1 percent from the same period two years ago. ADR for the third week of the month was $126.66, down from $129.98 the week before and increased 1.7 percent when compared to two years ago. RevPAR decreased to $75.60 for the third week of the month from $80.02 the week before, and a slight drop of 0.4 percent for the same period in 2019. Among STR's top 25 markets, Phoenix saw the largest occupancy increase during the week under review, up 6.4 percent to 76.6 percent over 2019. Miami reported the largest ADR increase when compared to 2019, 25.5 percent to $207.72. Oahu Island, Hawaii, experienced the steepest occupancy decline from 2019, down 35.2 percent to 51.8 percent.

U.S. HOTEL PERFORMANCE exhibited mixed results in the first week of May compared to the prior week, according to CoStar. Among key metrics, occupancy declined, whereas both RevPAR and ADR saw an uptick. Occupancy dropped to 64.4 percent for the week ending May 4, down from the previous week's 65.7 percent, marking a 0.8 percent year-over-year decrease. ADR rose to $159.97 from $154.44, reflecting a 1.3 percent increase compared to last year. RevPAR climbed to $103.09, up from $101.42 the prior week, indicating a 0.5 percent increase compared to the same period in 2023. Among the top 25 markets, Seattle reported the highest year-over-year increase in occupancy, rising by 8.1 percent to 69.4 percent. Dallas recorded the largest increase in ADR, up 5.8 percent to $134.33.

U.S. HOTEL PERFORMANCE exhibited mixed results in the third week of April compared to the previous week, according to CoStar. Key metrics such as occupancy and ADR saw slight increases, while RevPAR declined from the preceding week. Occupancy rose to 66.8 percent for the week ending April 20, up from the previous week's 65.8 percent, but marked a 0.3 percent year-over-year decrease. ADR dropped to $158.60 from $160.20, a 1.5 percent increase compared to last year. RevPAR climbed to $105.94 from $105.48 the prior week, showing a 1.2 percent rise compared to the same period in 2023. Among the top 25 markets, Philadelphia saw the most significant year-over-year occupancy surge, soaring by 14.3 percent to reach 72.1 percent, while RevPAR also notably increased by 23.2 percent to $114.11.

U.S. HOTEL WEEKLY performance showed mixed results in the fourth week of May compared to the previous week but posted positive year-over-year comparisons, according to CoStar. Despite a slight uptick in occupancy, both ADR and RevPAR decreased week-on-week across all key metrics. Occupancy rose to 67.7 percent for the week ending May 25, up from 67.4 percent the prior week, reflecting a 1.6 percent year-over-year increase. ADR decreased to $160.67 from $163.11, yet still representing a 2.3 percent surge compared to last year. RevPAR stood at $108.73, a decline from the previous week's $109.93, but marking a 3.9 percent increase compared to the same period in 2023. Among the top 25 markets, Houston experienced the most significant year-over-year boosts in occupancy, soaring 20.9 percent to reach 74.1 percent, while RevPAR surged by 29.2 percent to $89.15. Las Vegas recorded the sole double-digit increase in ADR, climbing by 10.9 percent to $217.53.

U.S. HOTELS REPORTED record-high monthly room rates on a nominal basis in July, according to STR. RevPAR on a nominal basis hit an all-time high during the month and occupancy was the second highest since August 2019. However, performance dipped some in the third week of August on a weekly basis, but performance improved during the week over 2019. Occupancy was 69.6 percent in July, down from 70.1 percent in June and down 5.4 percent from three years ago. ADR was $159.08 during the month, up from 155.04 in June and up 17.5 percent over 2019. RevPAR reached $110.73 in July, up from $108.64 the month before and increased 11.2 percent three years ago. At the same time, occupancy dropped to 67.3 percent for the week ending August 20, down from 68.5 percent the week before and dropped 3.9 percent from 2019. ADR was $150.96 for the week, decreased from $152.34 the week before and increased 16.7 percent from three years ago. RevPAR reached $101.59 during the week, fell from $104.30 the week before and increased 12.2 percent from 2019.

HELPED BY THE onset of spring break travel, U.S. hotels' performance bettered in the second week of March from the previous week, according to STR's latest data through 11 March. The top 25 markets were up on a weekly basis but still behind 2019 levels. Occupancy for the week ending March 11 came in at 64.7 percent up from 62.8 percent the week before, 2.8 percent more than the comparable week in 2022 and 7.5 percent below the comparable week in 2019. ADR stood at $158.20, up from $151.35 the previous week and also up 8.1 percent and 16.6 percent over the same month in 2022 and 2019, respectively. RevPAR was reported at $102.38, up from $95.06 the previous week, and an increase of 11.1 percent and 7.8 percent over the same month in 2022 and 2019. Among the top 25 markets, Washington, D.C., witnessed the highest year-over-year occupancy increase compared to 2019, up 21.8 percent to 67.6 percent. However, none of the Top 25 Markets saw an occupancy lift over 2019. Meanwhile, D.C. also registered the most substantial ADR increase at $183.86 against 2019, up 23.4 percent. D.C.'s RevPAR rate also climbed up 50.2 percent to $124.33 year-over-year. Anaheim reported the highest ADR increase for spring break week, up 51.4 percent to US$245.62 and RevPAR rose 42.2 percent to $189.81, when measuring against 2019.

U.S. HOTEL PERFORMANCE exhibited mixed year-over-year comparisons in the third week of November, according to CoStar. Moreover, both occupancy and RevPAR declined compared to the previous week. Occupancy dropped to 62.4 percent for the week ending Nov. 18, down from the previous week's 64.8 percent, marking a year-over-year decrease of 0.6 percent. ADR saw a slight increase to $156.47, compared to the previous week's $156.01, demonstrating a significant 7 percent uptick from the previous year. Despite a decline to $97.61 in RevPAR compared to the previous week's $101.13, there was a noteworthy 6.3 percent rise from the corresponding period in 2022. Among the top 25 markets, Boston led with the largest year-over-year occupancy gain, surging by 11.0 percent to reach 77.2 percent.

U.S. HOTEL PERFORMANCE saw a significant increase in the first week of December compared to the previous week, with improvements in hotel occupancy, ADR and RevPAR, according to CoStar. Year-over-year results also reflected positive trends. Occupancy rose to 58.7 percent for the week ending Dec. 9, up from the previous week's 54.2 percent, reflecting a year-over-year decrease of 1.1 percent. ADR increased to $153.36, compared to the previous week's $144.88, showing a 4.5 percent uptick from the prior year. RevPAR also soared to $89.98, compared to the prior week's $78.54, indicating a 3.3 percent decrease from the corresponding period in 2022. Among the top 25 markets, Boston saw the largest year-over-year occupancy increase, surging by 4.1 percent to 72.7 percent. Helped by Miami Art Week and Art Basel, Miami reported significant increases in ADR, soaring 48.8 percent to $314.55, and RevPAR, jumping 67 percent to $262.16.

U.S. HOTEL PERFORMANCE stayed below the levels of the previous week as anticipated, according to CoStar. Occupancy, ADR, and RevPAR all saw declines compared to the preceding week. However, year-over-year comparisons remained positive. Occupancy dropped to 54.7 percent for the week ending Dec. 16, down from the previous week's 58.7 percent, but reflected a year-over-year increase of 1.1 percent. ADR decreased to $142.62, compared to the previous week's $153.36, showing a 4.7 percent uptick from the prior year. RevPAR also declined to $77.99, compared to the prior week's $89.98, indicating a 5.8 percent increase from the corresponding period in 2022. Among the top 25 markets, San Francisco saw the largest year-over-year increases in all three key performance metrics: occupancy surged by 32.0 percent to 70.2 percent, ADR soared 21.5 percent to $223.78, and RevPAR increased by 60.3 percent to $157.14.

U.S. HOTEL PERFORMANCE increased in the fourth week of February from the week before, according to STR. Occupancy, ADR and RevPAR also showed significant improvement when compared to same period in 2019. Occupancy was 62.2 percent for the week ending Feb. 26, up from 59.1 percent the week before and down 4.7 percent for the same period in 2019. ADR was $143.83 for the week, increased from $140.11 the week before and up 13.1 percent from two years ago. RevPAR was $89.45 for the week, up from $82.87 the week before and increased 7.7 percent from the same period two years ago. Among STR's top 25 markets, Orlando recorded the largest occupancy increase, up 6.7 percent to 85.9 percent, over 2019.

U.S. HOTEL PERFORMANCE exhibited mostly positive year-over-year trends in the first week of March, compared to the previous week, according to CoStar. Despite a slight increase in occupancy, RevPAR declined, while RevPAR remained static. Occupancy rose to 62.5 percent for the week ending March 2, up from the previous week's 62 percent, marking a 0.3 percent year-over-year decline. ADR decreased to $155.29 from $156.62 the prior week, reflecting a 2.7 percent increase compared to the previous year. RevPAR remained unchanged at $97.12 from the prior week's $97.12, indicating a 2.4 percent increase compared to the same period in 2023. Among the top 25 markets, Seattle reported the largest year-over-year occupancy increase, rising 12.1 percent to reach 66.5 percent.

U.S. HOTEL PERFORMANCE rose in the second week of March compared to the previous week but declined year over year, according to CoStar. Key metrics, including occupancy, ADR, and RevPAR, all saw increases compared to the prior week. Occupancy climbed to 63.2 percent for the week ending March 9, up from the prior week's 62.5 percent, reflecting a 2.2 percent year-over-year decline. ADR rose to $156.96 from $155.29 the previous week, marking a 0.6 percent decrease compared to last year. RevPAR reached $99.17, up from the previous week's $97.12, signifying a 2.8 percent decrease compared to the same period in 2023. Among the top 25 markets, Minneapolis saw significant year-over-year growth across all three key performance metrics: occupancy surged by 25.1 percent to 63.7 percent, ADR rose by 15.9 percent to $143.12, and RevPAR increased by 45.1 percent to $91.11.

U.S. HOTEL PERFORMANCE decreased slightly in the first week of February from the previous week, while year-over-year comparisons remained mixed, according to CoStar. Key metrics, including occupancy, ADR, and RevPAR, all declined in the first week of February compared to the previous week. Occupancy dipped slightly to 55.2 percent for the week ending Feb. 3, from the previous week's 56.2 percent, reflecting a 0.1 percent decrease year-over-year. ADR decreased to $147.99 from the prior week's $149.76, marking a 1.9 percent increase compared to the previous year. RevPAR declined to $81.69 from the prior week's $84.13, reflecting a 1.7 percent increase compared to the corresponding period in 2023. Among the top 25 markets, Seattle saw the largest year-over-year increases, with occupancy rising 19.3 percent to 60.1 percent and RevPAR increasing by 27.5 percent to $89.11.

U.S. HOTEL PERFORMANCE rose in the second week of February compared to the previous week, according to CoStar. However, year-over-year comparisons remained mixed. Key metrics, such as occupancy, ADR, and RevPAR, all showed increases in the second week of February compared to the preceding week. Occupancy rose to 56.2 percent for the week ending Feb. 10, from the previous week's 55.2 percent, reflecting a 2.7 percent year-over-year decrease. ADR increased to $160.96 from $147.99 the prior week, marking a 6.8 percent rise compared to the previous year. RevPAR also increased to $90.4 from $81.69 the prior week, reflecting a 3.9 percent increase compared to the corresponding period in 2023. Among the top 25 markets, Oahu Island saw the largest year-over-year increases, with occupancy rising 8 percent to 82.9 percent.