Published on : Saturday, November 23, 2013
In year-over-year measurements, the industry’s occupancy was down 2.3 percent to 60.5 percent. Average daily rate rose 0.8 percent to finish the week at US$109.50. Revenue per available room for the week was down 1.5 percent to US$66.24.
Among the Top 25 Markets, Denver, Colorado, reported the largest occupancy increase, rising 12.4 percent to 71.4 percent, followed by Nashville, Tennessee, with an 11.3-percent increase to 71.0 percent. Philadelphia, Pennsylvania-New Jersey (-19.8 percent to 66.5 percent), and New York, New York (-10.8 percent to 82.7 percent), reported the largest occupancy decreases.
New Orleans, Louisiana (+33.3 percent to US$171.20), and Nashville (+13.7 percent to US$114.31), achieved the largest ADR increases during the week. Chicago, Illinois, fell 8.5 percent to US$129.38, reporting the largest ADR decrease.
Two markets experienced RevPAR growth of more than 25 percent: New Orleans (+37.7 percent to US$129.93) and Nashville (+26.5 percent to US$81.18).
“The anniversary of Superstorm Sandy impacted several eastern seaboard markets, which experienced sharp declines in year-over-year RevPAR,” said Brad Garner, senior VP of client services and relationships for STR.
Philadelphia fell 20.8 percent to US$81.97 in RevPAR, reporting the largest decrease in that metric. Other eastern seaboard markets reported sharp declines in RevPAR due to inflated 2012 comps: New York (-16.4 percent), Washington, D.C. (-15.8 percent) and Norfolk-Virginia Beach, Virginia (-13.9 percent).
Also, the Chicago market experienced a decline of 16% as Chicago airports provided safe harbor for travelers impacted by the storm, Garner said.