Dec 08 2008
STR Reports For Last Week of November
STR’s report for the US Hotel Industry for the week ending 29 November 2008 show large year-over-year drop offs.
The decreases are large in part because of the Thanksgiving holiday, which fell on the 27th this year and usually falls on the 22nd. The holiday is usually always a slow one for the US market.
Room occupancy fell 22.6 percent to 41.5 percent in year-over-year measurements according to the report. RevPAR fell 32.0 percent to end at $37.70, compared to $55.48 in 2007.
The numbers certainly aren’t the greatest, but they aren’t as bad as they may look,” said Mark Lomanno, president of STR. “Beyond the typical decline of the Thanksgiving holiday, the figures are in line with the downward trend the industry has been experiencing, especially when you consider the 28-day moving average.
“The last two weeks have been a bit of a roller coaster ride because the date of Thanksgiving shifted,” Lomanno added. “However, the industry appears to have settled into a pattern of declining year-over-year comparisons-a trend we expect to continue through at least the first quarter of 2009.”
