Sep 26 2008
STR Releases Report On US Hotel Performance for August
The US hospitality industry took a hit of 0.8 percent in RevPar declines in August 2008, says the report released by STR.
According to STR, the monthly decrease in RevPar was precipitated by a decline in room occupancy.
Year-over-year measurements, however, showed the industry’s average daily rate increased 2.8 percent, ending the month at $107.01.
Commenting on the year-to-date industry picture, Garner added, ‘An increase in year-to-date supply of 2.4 percent contributed to a lackluster posted occupancy of 63.2 percent, down 2.6 percent from the previous year. Rate integrity inspired the 1.0 percent growth in industry wide RevPAR.’ He continued, ‘Most hoteliers and operators, as the data suggest, are putting into practice valuable lessons learned from rampant discounting in the previous downturn.
