US Hotel Industry Shows Positive Results for Third Quarter
Report from STR also sees slowing in growth in key indicator >>
by: Harvey Chipkin
The US hotel industry reported mostly positive results in the three key performance metrics during the third quarter of 2019, according to data from STR. In a year-over-year comparison with the same period in 2018, the industry posted the following: occupancy down 0.1% to 70.9%; average daily rate (ADR) up 0.8% to $133.25; and revenue per available room (RevPAR) up 0.7% to $94.42. While RevPAR increased slightly, it was the lowest year-over-year percent change in the metric since the first quarter of 2010, and the first quarter during the current cycle to show an increase in the metric below 1%, according to Bobby Bowers, senior vice president of operations. Houston experienced the highest rise in occupancy (up 4.4% to 62.4%). Washington, D.C.-Maryland-Virginia, posted the largest lift in ADR (up 4.0% to $148.43). Two markets matched for the steepest decline in RevPAR: Seattle (down 5.1% to $154.70) and Miami/Hialeah (down 5.1% to $101.68). Seattle reported the largest drop in ADR (down 4.0% to $185.35). Orlando experienced the steepest decrease in occupancy (down 5.% to 69.6%).
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