Topic: Average Daily Rate
While U.S. revenue per available room dropped further last week, mainland China has shown early signs of performance recovery.
STR and Tourism Economics project revenue per available room will rise 63.1 percent in 2021.
The impact from COVID-19 fears led to double-digit occupancy and revenue per available room decreases in each of STR's top 25 markets.
Jan Freitag, STR’s senior VP of lodging insights: “This is quite likely the beginning of a bad run that will get worse before it gets better."
RevPAR fell 4.4 percent for the market’s hotels during Q4 as Manhattan hoteliers lost pricing power due to new supply and price-sensitive travelers.
Supply grew 2.1 percent, while demand increased 2 percent, according to recent research released by CBRE.
Absolute values for ADR and RevPAR were the highest that STR has ever benchmarked, but RevPAR’s growth rate was the lowest it’s been since 2010.
GOPPAR grew 6.1 percent year over year to $91.23 for hotels in the U.S., according to a recent HotStats report.
This was the first month since July with increases across the three key performance metrics.
As of October, on a year-over-year basis, GOPPAR was down 2.8 percent, according to data from HotStats.