US Hotel Industry Had Worst June on Record for Occupancy and RevPAR
All performance indicators still showed improvement over May >>
by: Harvey Chipkin
The US hotel industry had its worst June on record as far as occupancy and revenue per available room (RevPAR), according to the latest report from STR. The month saw occupancy drop 42.5% year over year to 42.2%; average daily rate (ADR) drop 31.5% to $92.15; and RevPAR drop 60.6% to $38.88. Despite the records, all three key performance metrics were up from May levels. July weekly data to date shows occupancy above 45% due to a slow and steady rise in demand that has flattened in recent weeks. Among the top 25 markets, Oahu, Hawaii, experienced the steepest drop in occupancy (-82.4% to 15.4%), which resulted in the largest decrease in RevPAR (-88.2% to $25.30). Boston posted the steepest decline in ADR (-55.3% to $102.58).
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