The hotel industry measures its success using three sets of data and there have been gains in each area in the last week of July. Smith Travel Research reported nationwide improvements in occupancy (2.5%), the average daily rate (4.1%) and the revenue per room (6.7%), particularly in Atlanta and Detroit. New Orleans, however, reported large decreases in every metric, although the loss did not offset national growth. For more on this continue reading the following article from National Real Estate Investor.
The U.S. hotel industry experienced increases in all three key performance metrics during the week of July 24-30, according to Smith Travel Research based in Hendersonville, Tenn.
In year-over-year comparisons for the week, occupancy rose 2.5% to 72.8%, the average daily rate (ADR) increased 4.1% to $103.59, and revenue per available room (RevPAR) finished the week up 6.7% to $75.42.
Among the top 25 markets, Detroit reported the largest occupancy increase, rising 16.3% to 72.1%, followed by Atlanta (+14.6% to 69%), and Dallas (+13.5% to 65.8%). New Orleans fell 13.9% in occupancy to 58.8%, reporting the largest decrease in that metric.
Four markets experienced ADR increases of more than 10%: San Francisco/San Mateo, Calif. (+18.4% to $160.14); Atlanta (+11.2% to $88.63); Nashville (+10.3% to $92.55); and Miami-Hialeah (+10.2% to $129.27). New Orleans fell 1.7% in ADR to $94.54, reporting the only decrease in that metric.
Atlanta jumped 27.4% in RevPAR to $61.13, achieving the largest increase in that metric, followed by Detroit with a 26.6% increase to $57.78. New Orleans reported the largest RevPAR decrease, falling 15.4% to $55.59.
This article was republished with permission from National Real Estate Investor.