US Hotel Metrics Decline in Week Ended February 4
February 9, 2023 | Muhammad Hammad Asif | S&P Global Market Intelligence
U.S. hotel industry metrics dropped moderately during the week ended February 4, according to STR, which tracks the hospitality industry.
The performance results were mixed when compared to 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.
Occupancy decreased slightly to 55.3% from 56.3% during the previous week but registered a 7.3% decline from the same period in 2019.
Revenue per available room climbed 5.6% to $80.45, and the average daily rate increased 13.9%, to $145.35, compared to the 2019 levels.
Occupancy for all of the top 25 markets remained below the 2019 level, with Las Vegas coming close with a 1.4% drop to 78.2%.
Las Vegas also posted the greatest average daily rate and RevPAR gains, rising 79.5% to $221.38 and 76.9% to $173.20, respectively. These increases were supported by Design and Construction Week and the NFL Pro Bowl Games during the week.
The biggest RevPAR drops from 2019 were recorded by San Francisco and Seattle, slipping 33.6% to $136.38 and 29.4% to $69.47, respectively.
