US Hotel Performance Drops in Week ended January 21
January 26, 2023 | Zeeshan Murtaza | S&P Capital IQ, Market Intelligence
U.S. hotel performance edged lower during the week ended Jan. 21 compared to the previous week, owing to the Martin Luther King Jr. holiday, according to STR, which tracks the hospitality industry.
Occupancy decreased to 54.2% from 54.8% during the previous week. It was also down 6.2% from the same period in 2019.
STR measures the hotel industry’s recovery against comparable periods from 2019 due to the impact of the COVID-19 pandemic.
However, the average daily rate, or ADR, climbed 11.3% to $140.16, and revenue per available room gained 4.4% to $75.97, compared to the 2019 level.
Tampa, Fla., recorded the biggest growth from 2019 in the three key performance metrics. Occupancy in that market rose 6.8% to 78.8%, ADR was up 31.9% to $174.78 and RevPAR jumped 41% to $137.76.
None of the other top 25 markets recorded an increase in occupancy.
San Francisco and Seattle logged the biggest RevPAR declines from 2019, slipping 41.5% to $108.60 and 29.2% to $67.42, respectively.
