US Hotel Performance Mildly Improves in February
March 18, 2022 | Laurie Baratti | Hotel & Resort
According to a newly released report from hospitality insights and analytics company STR, the U.S. hotel industry achieved better performance in February 2022 than in January and even improvement in some data indexes when compared to the same period in 2019.
February 2022 (percentage change from February 2019):
− Occupancy: 56.9 percent (down 8.2 percent)
− Average daily rate (ADR): $137.39 (up 6.8 percent)
− Revenue per available room (RevPAR): 78.24 (down 1.9 percent)
Nominally, the U.S. hotel sector’s ADR was the highest of any month since summer travel came to a close in August 2021. Adjusted for inflation, February’s ADR came in at about five percent below 2019’s comparable level.
Key findings include:
Out of all Top 25 Markets, Miami saw the highest occupancy level (81.6 percent), although that figure was still three percent below its 2019 benchmark.
Of note, Norfolk/Virginia Beach was the only market to witness higher occupancy rates than the same period in 2019, up three percent to a total of 52.1 percent.
Markets that experienced the lowest occupancy last month included Minneapolis (41.7 percent) and Chicago (43.8 percent).
San Francisco/San Mateo reported the steepest decline in occupancy (down 40.5 percent), as compared to February 2019 figures.
Overall, occupancy and ADR levels in the Top 25 Markets were higher than in all other markets.
