Published on : Monday, January 20, 2014
In year-over-year measurements, the industry’s occupancy fell 0.6 percent to 49.4 percent. Average daily rate rose 1.0 percent to finish the week at US$106.45. Revenue per available room for the week was up 0.3 percent to finish at US$52.58.
“Industry performance was soft as a result of the polar vortex that gripped and put most of the country in a deep freeze,” said Brad Garner, senior VP of STR.
Among the Top 25 Markets, Tampa-St. Petersburg, Florida, reported the largest occupancy increase, rising 11.1 percent to 61.9 percent. Boston, Massachusetts, followed with a 10.0-percent occupancy increase to 55.1 percent. San Francisco/San Mateo, California (-10.1 percent to 63.7 percent), and Norfolk-Virginia Beach, Virginia (-9.7 percent to 33.0 percent), reported the largest occupancy decreases for the week.
Los Angeles-Long Beach, California (+12.2 percent to US$151.71), and Oahu Island, Hawaii (+10.9 percent to US$222.96), achieved the only double-digit ADR increases during the week. San Francisco/San Mateo fell 25.2 percent to US$155.89, reporting the only double-digit ADR decrease.
Three markets experienced RevPAR growth of more than 15 percent: Nashville, Tennessee (+19.3 percent to US$55.51); Los Angeles-Long Beach (+17.8 percent to US$108.88); and Boston (+16.8 percent to US$73.91). San Francisco/San Mateo fell 32.7 percent to US$99.25 in RevPAR, reporting the largest decrease in that metric.
“We noted the absence of two large citywide group meetings this week in San Francisco, which affected comparability over the same week last year,” Garner said. “Additionally, the San Francisco 49ers enjoyed a home playoff game last year versus going on the road to obtain a victory in Charlotte, North Carolina, this year.”