Total U.S. hotel industry occupancy increased 2.4 percent to 60.7 percent, average daily rate dropped 2.4 percent to US$98.16, and revenue per available room ended virtually flat with a 0.1-percent decrease to US$59.55 for the week ending 24 April 2010, according to STR data, reports HotelNewsNow.com’s Rachael Spann.
The luxury segment reported the largest occupancy increase, rising 5.3 percent to 71.1 percent, followed by the upscale segment (+4.8 percent to 71.2 percent) and the upper-upscale segment (+4.3 percent to 75.2 percent). The midscale with-food-and-beverage segment ended the week flat at 53.2 percent.
The luxury segment also posted the largest RevPAR increase, rising 4.7 percent to US$173.63. The upscale segment followed with a 0.7-percent increase to US$76.48.
Starwood Hotels & Resorts Worldwide reported first quarter 2010 financial results.
Excluding special items, EPS from continuing operations was 13 cents. Including special items, EPS from continuing operations was 16 cents. Adjusted EBITDA was US$179 million. Worldwide RevPAR for Starwood branded same-store owned hotels increased 6.6 percent (2.1 percent in constant dollars) compared to the first quarter of 2009. RevPAR for Starwood branded same-store owned hotels in North America increased 5.8 percent (2.8 percent in constant dollars).
Whitbread PLC released results for the financial year to 4 March 2010. The company said it outperformed its markets and increased profits in 2009-10, despite the challenging economic backdrop. Group underlying profit before tax increased by 6.6 percent to £239.1 million (US$364.6 million) from £224.4 million (US$342.2 million) in 2008-09, with underlying earnings per share (diluted) increasing by 6.7 percent to 96.7 percent.
Group revenue grew year on year by 7.5 percent to £1.44 billion (US$2.19 billion), driven by the growth in the number of hotels, restaurants and coffee shops despite a modest decline in like for like sales of 0.5 percent. At Premier Inn, sales rose 4.7 percent, with like-for-like sales declining 4.3 percent.
According to the April Interim Update of the UNWTO World Tourism Barometer, international tourist arrivals are estimated to have increased by 7 percent during the first two months of 2010. This follows the upturn already registered in the last quarter of 2009 when arrivals grew by 2 percent after 14 consecutive months of negative results.
Growth was positive in all world regions during the first two months of 2010, led by Asia and the Pacific (+10 percent) and Africa (+7 percent). Information for the three countries of the Middle East that have reported results so far also point to a strong rebound in the region, compared to very subdued first two months of 2009. The pace of growth was slower in Europe (+3 percent) and in the Americas (+3 percent), the two regions hardest hit by the global crisis and where economic recovery is proving to be comparatively weaker.
In the week ending 24 April, the advance figure for U.S. seasonally adjusted initial unemployment claims was 448,000, a decrease of 11,000 from the previous week's revised figure of 459,000. The four-week moving average was 462,500, an increase of 1,500 from the previous week's revised average of 461,000.
Compiled by Stacey Higgins.