Dec 15 2008
STR Reports for US Hotel Performance, week ending December 6th, 2008
The US Hotel industry continued to post declines, this time in three key areas for the week ending December 6th, 2008.
“Continued macroeconomic deterioration is taking its toll on the U.S. lodging industry for another year,” said Jan Freitag, vice president of global development for STR. “This is now four out of the past five weeks that we’ve seen double-digit RevPAR declines, which are driven by double-digit occupancy declines in most major chain scales.”
Year-over-year measurements show that the industry’s occupany fell 9.8 percent to 50.2 percent, average daily rates dipped 3.2 percent to $103.45, and RevPAR dropped 12.7 percent to $51.93.
“The only silver lining is city conventions in Chicago, New Orleans and San Francisco, which account for the double-digit ADR growth for the week,” Freitag added.
