Hotel Occupancy Rate increases YoY, Just behind Record Year
From HotelNewsNow.com: STR: US hotel results for week ending 7 October
The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the week of 1-7 October 2017, according to data from STR.The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average.
In comparison with the week of 2-8 October 2016, the industry recorded the following:
• Occupancy: +0.9% to 71.4%
• Average daily rate (ADR): +2.0% to US$130.92
• Revenue per available room (RevPAR): +3.0% to US$93.51
Among the Top 25 Markets, Houston, Texas, once again reported the largest year-over-year increases in occupancy (+45.0% to 85.9%) and RevPAR (+66.0% to US$99.25). With a spike in post-Hurricane Harvey demand, Houston also posted the second-largest ADR increase (+14.5% to US$115.51).
The red line is for 2017, dash light blue is 2016, dashed orange is 2015 (best year on record), blue is the median, and black is for 2009 (the worst year since the Great Depression for hotels).
Currently the occupancy rate, to date, is ahead of last year, and just behind the record year in 2015. The hurricanes might push the annual occupancy rate to a new record.
Seasonally, the occupancy rate will remain close to this level during the Fall business travel season.
Data Source: STR, Courtesy of HotelNewsNow.com