Weekly RevPAR rose to US$65.34, which was a 4.2% increase week over week and the industrys highest level of the past 56 weeks when indexed to 2019.
Excerpt from STR
Weekly RevPAR rose to US$65.34, which was a 4.2% increase week over week and the industry’s highest level of the past 56 weeks when indexed to 2019. RevPAR has increased week over week all but three times this year. STR’s Market Recovery Monitor reflected the country’s stronger overall RevPAR performance with 73 markets either in Recovery or Peak categories. More encouraging, only 20 markets were in the Depression category, the least of the past 53 weeks. Top 25 Markets are also improving, and as a group, entered the Recession phase for the first time. However, most of the markets that are classified as in Depression continued to be those in the Top 25, including San Francisco, Boston, Washington, D.C., New York City, and New Orleans. Of all U.S. markets, those five markets had the lowest RevPAR when indexed to their 2019 benchmark. Similar trends were noted when using STR’s total-room-inventory (TRI) methodology. RevPAR on this basis was $61.76, up 3.7% with 67 markets in the Recovery or Peak categories.
Demand increased from the prior week and remained above 21 million for a third consecutive week—the weekly value was also the 10th highest of the past five quarters. The largest weekly demand gain occurred in California, whereas the largest decrease was in Texas, which was the Lone Star State’s second consecutive weekly decline. Florida also saw solid growth after posting a drop in the previous week. Demand for the Top 25 Markets hit a pandemic high, led by gains in Washington, D.C., Orlando, San Diego, and others. Among all markets, the three aforementioned markets were also the largest gainers for the week.
Occupancy advanced slightly but stayed below the pandemic-era high seen a fortnight ago when using both STR’s standard and TRI methodologies. Even though occupancy was up a bit, slightly more hotels saw occupancy under 30% for the week and fewer were above 60%. After two weeks above 70%, weekend occupancy fell to 66%. Weekday occupancy, however, improved to 54.7%, the best since the start of the pandemic. The Top 25 Markets were responsible for this week’s total U.S. occupancy growth. In aggregate, the major markets posted their highest occupancy of the past year with all but six markets posting weekly gains and Tampa surpassing its 2019 level. In fact, all but three Florida markets surpassed their 2019 occupancy levels. By hotel size, occupancy was flat to down for all size categories except for large hotels (300+ rooms), which saw their highest occupancy since last March. A deeper look revealed that most of this week’s occupancy growth came from large hotels in the Top 25 Markets.
Click here to read complete article at STR.
Logos, product and company names mentioned are the property of their respective owners.
© 2021 Hotel News Resource