STR has reported U.S. and Canada weekly results for the week ending 20 March.
U.S.: New York, New York, reported the highest occupancy rate among the top 25 U.S. markets with 88.4 percent, a 17.3-percent increase from the comparable week in 2009, according to HotelNewsNow.com’s Rachael Spann.
New York also led the RevPAR increases with a 19.1-percent increase to US$178.60.
Overall, the U.S. industry’s occupancy ended the week with a 5.2-percent increase to 61.4 percent. Average daily rate dropped 1.9 percent to finish the week at US$98.30. Revenue per available room for the week was up 3.2 percent to US$60.39—the third consecutive week that RevPAR experience a year-over-year increase.
Canada: The Canadian hotel industry reported increases in all three key performance measurements during the week of 14-20 March 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy increased 1.7 percent to 58.2 percent, ADR was up 0.3 percent to CAD$118.77, and RevPAR jumped 2.1 percent to CAD$69.14.
The U.S.’ revenue numbers might be looking a whole lot better in two years. PKF Hospitality Research predicts RevPAR growth will hit double-digits—10.5 percent—in 2012.
If the prediction holds, PKF said it would be the highest RevPAR growth has been since the inflationary days of the late ’70s and early ’80s.
But times might stay tough for the next couple years. PKF is forecasting a 1.1-percent decline in RevPAR this year, which would be the third consecutive year in which the metric has fallen in the U.S.
Seasonally adjusted initial claims for unemployment dropped by 14,000 to 442,000 for the week ending 20 March, according to the U.S. Department of Labor.
The four-week moving average also is lower, decreasing by 11,000 to 453,750.
Accor announced plans to double the number of rooms it has in Vietnam by 2012.
The company currently has 2,147 rooms in the country and could add up to 2,000 more through the opening of at least seven new properties. Accor said it is also going to introduce the upscale brands Pullman and MGallery to the Vietnam market.
The sale of the Watergate Hotel, which is in foreclosure, has hit a snag, according to the Washington Post.
A legal battle has sprung up over the parking garage under the hotel. PB Capital, the German-owned bank that took the hotel back after there were no bids on the property during a foreclosure auction, is battling over whether it can continue to lease the garage and meeting space from the Watergate East cooperative.
The legal fight might have derailed a deal that Monument Realty had struck to buy the hotel that went into foreclosure last summer.
Compiled by Shawn A. Turner.