STR has released weekly United States and Canada data for the week ending 10 April.
U.S.: The industry’s occupancy increased 12.6 percent to 59.2 percent; average daily rate ended the week virtually flat with a 0.4-percent decrease to US$96.31; and revenue per available room was up 12.1 percent to US$57.00.
The upscale segment reported the largest occupancy increase for the week, rising 17.6 percent to 66.6 percent. Five of the seven segments reported RevPAR increases of more than 10 percent: upper upscale (+15.2 percent to US$95.58); upscale (+14.1 percent to US$69.87); luxury (+12.9 percent to US$168.02); midscale without food and beverage (+12.2 percent to US$50.65); and midscale with food and beverage (+11.1 percent to US$43.23).
“We saw strong RevPAR growth this week because of a favorable Easter comparison,” said Chad Church, industry research manager at STR. “Given the past few weeks’ performance trend and favorable year-over-year comparisons, we expect to see occupancy rates continue to drive RevPAR gains for the near future, particularly in the upper scales.”
Canada: In year-over-year measurements, the industry’s occupancy was up 6.9 percent to 52.7 percent. ADR rose 1.0 percent to CAD$118.04. RevPAR for the week increased 8.1 percent to CAD$62.25.
Among the provinces, Prince Edward Island posted the largest decreases in all three key measurements. The province’s occupancy fell 50.4 percent to 28.8 percent, ADR dropped 10.9 percent to CAD$79.67 and RevPAR decreased 55.9 percent to CAD$22.91.
U.S. foreclosures increased by 16 percent year-over-year during the first quarter, according to a RealtyTrac survey. There were a total 932,234 foreclosure filings reported during the quarter.
There were 367,056 foreclosure filings reported in March, up 8 percent year-over-year and the highest monthly total since RealtyTrac began tracking foreclosure activity in January 2005.
JP Morgan India Property Mauritius Company has acquired a 49-percent stake in a unit of Viceroy Hotels, according to India Infoline Limited. JP Morgan has invested INR740 million (US$16.7 million) in a Viceroy Bangalore, India, hotel project that has been spun off into a separate company.
In January, JP Morgan announced its intentions to acquire an ownership position in Viceroy’s 300-room Bangalore hotel project, according to Reuters.
Ash spewing from the eruption of an Icelandic volcano is causing major problems with air travel across northern Europe, according to the Los Angeles Times.
Air traffic has been suspended over Ireland, Denmark, Norway, Sweden and Finland, stranding thousands of passengers.
The ash could potentially knock out airline engines, Britain’s National Air Traffic Control Service said.
Fairmont Hotels & Resorts will add 14 hotels to the Middle East by 2014, according to Reuters.
Fairmont will focus its efforts in Saudi Arabia, the company said.
“Saudi has to be our No.1 market for development at this point," said Kent Cooper, VP for regional hotel sales. "It has a large critical mass, huge influx of travellers, the built-in demand drivers, and it helps us support our partnerships with our shareholders."
Compiled by Shawn A. Turner.