The latest news on the US hotel industry indicates that it too is rejoicing in the general recovery of the US economy and, more recently the property market as a whole.
According to the latest weekly report from STR Global, positive results were recorded in the three key performance metrics during the week of 2-8 December 2012.
Occupancy increased by 3.6% compared to last year, to an average of 55.3%. Average Daily Rate (ADR) increased by 5.4% year on year to $107.64 and Revenue Per Available Room (RevPAR) increased by 9.2% compared to last year to average $59.57.
The top-performing markets make for some interesting reading. According to the data Atlanta Georgia saw the biggest jump in occupancy, which increased by 15.3% to 60.4% on average. Apart from that 3 other markets also saw double-digit growth in occupancy: Miami-Hialeah, Florida (+14.5 percent to 86.6 percent); Seattle, Washington (+12.3 percent to 67.6 percent); and Orlando, Florida (+10.0 percent to 63.3 percent).
The largest decreases in occupancy were recorded in San Diego, California (-7.6 percent to 59.6 percent), and Phoenix, Arizona (-5.1 percent to 55.0 percent).
Miami-Hialeah was also a top market in terms of ADR, with the largest increase of 44.0 percent during the period to US$211.34. As was Atlanta, with the second biggest ADR increase of 24.1% to US$102.52. Both also saw the biggest growth in RevPAR as well, Miami-Hialeah took first with a growth of 64.9 percent to US$183.07, and Atlanta second with a growth of 43.0 percent to US$61.88. Atlanta was helped by its hosting the American Society of Haematology annual meeting 8-11 December, while Miami-Hialeah played host to the Art Basel art festival 6-9 December.
San Diego posted the only double-digit ADR decrease, dropping 14.0 percent to US$115.67, while
two markets experienced double-digit RevPAR decreases: San Diego again with a contraction of 20.5 percent to US$68.93, and New Orleans, Louisiana -10.9 percent to US$83.68.
- Friday 21 December 2012