U.S. Hotel Industry Improves in October

HENDERSONVILLE, Tennessee—"The U.S. hotel industry posted increases in all three key performance measurements during October 2010. In year-over-year measurements, the industry’s occupancy was up 6.9 percent to 61.3 percent. Average daily rate ended the month with a 1.2-percent increase to $100.89. Revenue per available room for the month rose 8.2 percent to finish at $61.89 (see chart,click to enlarge)."

“Overall, industry fundamentals continued to improve across the board in October,” said Mark Lomanno, president of STR. “While room rate growth remained sluggish in October, we attribute that to lower rated group business that was booked months before there was a significant demand turnaround. We’re hopeful that we will see steady, but probably slow, room rate growth for the remainder of the year.”

For both: a) the three month period from August-October, and b) year-to-date through October, hotel occupancy rates improved compared to last year.