In year-over-year measurements, the industry’s occupancy finished the week ending 30 January 2010 up 1.9 percent to 48.8 percent. Average daily rate dropped 5.6 percent to finish the week at US$94.92. Revenue per available room for the week fell 3.8 percent to finish at US$46.31, according to Smith Travel Research.
The luxury segment led the chain scale segment occupancy increases with a 12.4-percent increase to 63.0 percent, followed by the upper-upscale segment (+10.0 percent to 62.3 percent); the upscale segment (+6.2 percent to 59.1 percent); and the independent segment (+0.6 percent to 45.6 percent).
Read “Luxury leads chain scale segment increases in STR weekly numbers.”
Starwood Hotels & Resorts Worldwide reported its fourth-quarter performance today and the news is not surprising (unless you’ve been living under a rock).
Worldwide system-wide RevPAR for same-store hotels decreased 7.2 percent (9.6 percent in constant dollars) compared to the fourth quarter of 2008. Systemwide RevPAR for same-store hotels in North America decreased 10.1 percent (10.7 percent in constant dollars).
Management and franchise revenues increased 0.6 percent compared to 2008.
Worldwide RevPAR for Starwood branded same-store owned hotels decreased 7.9 percent (10.9 percent in constant dollars) compared to the fourth quarter of 2008. RevPAR for Starwood branded same-store owned Hotels in North America decreased 9.6 percent (10.7 percent in constant dollars).
Read “Starwood reports 4Q net loss of US$107 million.”
U.K. hoteliers have a much brighter outlook for 2010 compared to the same period in 2009, with more than 55 percent of respondents to a survey either optimistic or very optimistic about their hotel's trading performance during the next three months, according to TRI Hospitality Consulting’s Q1 Hotel Confidence Monitor. In 2009, just 29 percent of respondents were optimistic or very optimistic about future trading performance in the first quarter, an Eat Out Magazine article says.
Occupancy expectations for Q1 2010 remained mixed, with 50 percent of respondents expecting growth in the first three months of 2010. More than a quarter of respondents are not anticipating a change in their room occupancy levels for the first three months of the year; with the remaining 24 percent forecasting a decline.
In the week ending 30 January, the advance figure for U.S. seasonally adjusted initial claims was 480,000, an increase of 8,000 from the previous week's revised figure of 472,000, according to the U.S. Department of Labor. The four-week moving average was 468,750, an increase of 11,750 from the previous week's revised average of 457,000.
The advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending 23 January, unchanged from the previous week's unrevised rate of 3.5 percent.
Orient-Express Hotels Ltd. acquired Grand Hotel Timeo and Villa Sant'Andrea in Italy for US$117 million, a BusinessWeek article said.
The company also sold its Australian property, Lilianfels Blue Mountains, to Lilianfels Hotel Pty Ltd. for US$19.3 million.
Compiled by Stacey Higgins.