US hotel key metrics up vs. 2019 in week ended July 2 – STR
July 8, 2022 | Joyce Guevarra | S&P Global Market Intelligence
Three key metrics for U.S. hotel performance were up compared to 2019 levels in the week preceding the July Fourth holiday, according to STR, which tracks the hospitality industry.
Occupancy rose 2.9% to 67.3%, while average daily rate inched 19.7% higher to $153.32. Revenue per available room was $103.24, up 23.1%.
STR is indexing the values to 2019 due to the pandemic impact.
Occupancy at New Orleans hotels were up 16.5% to 73.7%, the highest increase among the top 25 markets. Second was Chicago with an occupancy growth of 15.1% to 73.5%, and the city logged the most gain in ADR at 49.0% to $170.00.
Miami saw the biggest decline in occupancy during the period, dropping 9.8% to 65.7%.
The top 25 markets all reported increased RevPAR over the comparable week in 2019.
Demand was down on a week-over-week basis. The dip was normal given the holiday, as has been observed from historical data. Occupancy and demand are expected to fall further in the week ending July 9 before strengthening in the remaining weeks of the month, STR said.
