US hotel occupancy improved week over week, while average daily rate (ADR) was the highest on record, according to¬†STR‚Äės latest data.
4-10 July 2021 (percentage change from comparable week in 2019*):
- Occupancy: 67.2% (-9.3%)
- Average daily rate (ADR): US$139.84 (+5.4%)
- Revenue per available room (RevPAR): US$93.99 (-4.4%)
Inflation aside, STR analysts note that hoteliers are taking advantage of pent-up leisure demand and higher spending travelers while trying to counter staffing shortages and rising operational costs in some regions.
Additionally, with demand mostly transient, there is not the usual lowering effect of discounted group rates at the higher end of the market. Most of the higher ADR performances are outside of the major metro markets.
Among the Top 25 Markets,¬†Norfolk/Virginia Beach¬†saw the highest occupancy increase over 2019 (+3.0% to 80.5%).
Minneapolis¬†experienced the steepest decline in occupancy when compared with 2019¬†(-34.1% to 52.6%).
Miami¬†reported the largest ADR (+44.7% to US$225.14) and RevPAR (+30.7% to US$152.45) increases over 2019.
The largest RevPAR drops were in¬†San Francisco/San Mateo¬†(-55.2% to US$89.11) and¬†Boston¬†(-47.6% to US$94.03).
*Due to the steep, pandemic-driven performance declines of 2020, STR is measuring recovery against comparable time periods from 2019.
Industry recovery will be a key focus of the 2021 Hotel Data Conference. Click¬†here¬†for registration, with both in-person and virtual options available for STR‚Äôs 13th annual event in Nashville.
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