STR: U.S. RevPAR Plummets 81.6%
Occupancy is nearing a 70-percent decline
Apr 10, 2020 | Industry News, News
Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of March 29 through April 4, 2020, according to data from STR.
In comparison with the week of March 31 through 6 April 6, 2019, the industry recorded the following:
Average daily rate: -41.5 percent to $76.51
Revenue per available room: -81.6 percent to $16.50
"Data worsened a bit from last week, and certain patterns were extended around occupancy," says Jan Freitag, STR's senior vice president of lodging insights. "Economy hotels continued to run the highest occupancy, while interstate and suburban properties once again posted the top occupancy rates among location types. This shows there are still pockets of demand while more than 75 percent of the rooms around the country are empty. We don't expect any material change in the magnitude of RevPAR declines for the time being."
Photo: Gerd Altmann from Pixabay