Mar 18 2009
First Week of March Sees Declines in US Hotel Industry
According to data collected by STR, the US hotel industry posted declines in all three key performance measurements in the first week of March.
US Hotel occupancy fell 14.9 percent to finish at just 52.8 percent. Average daily rates dropped 9.6 percent to finish at $98.67 and RevPAR dropped 23% to finish at $52.18. All numbers are compared to the same period of time one year ago.
Not all of the US felt the pinch, however, as several markets managed to grow and increase in all three areas. These areas, according to STR, include Norfolk-Virginia Beach, Virginia.
