Monday, October 25, 2010

Global Economic Recovery Watch: Hotel Industry Is Rebounding in U.S. and All Around the World

"The U.S. hotel industry reported increases in all three key performance metrics for third-quarter 2010 in year-over-year measurements, according to data from STR.  The industry’s occupancy was up 6.7 percent to 63.9 percent, average daily rate (ADR) rose 1.6 percent to $99.07, and revenue per available room (RevPAR) increased 8.4 percent to $63.34.  Year-to-date 2010, occupancy increased 5.2 percent to 58.9 percent, ADR fell 0.7 percent to US$97.89, and RevPAR was up 4.5 percent to US$57.70.

“The U.S. hotel industry continued its recovery in the third quarter,” said Bobby Bowers, senior VP at STR. “Quarterly occupancy growth was the highest STR has ever recorded, and ADR growth was positive for the first time since third-quarter 2008—a seven-quarter stretch. The combined occupancy and ADR gains pushed RevPAR up 8.4 percent—the best quarterly growth the industry has recorded since second-quarter 2006. We anticipate continued but somewhat slower occupancy growth in the final quarter, while ADR should continue its positive momentum.”

In other hotel news from the industry trade group STR, positive results were also reported for the month of September for the Middle East/Africa region, the European hotel industry, the Asia/Pacific region, and the Americas region


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