The U.S. hotel industry achieved increases in all three key performance measurements during the week of 13-19 June 2010, according to data released by STR. (www.str.com)
In year-over-year measurements, the industry’s occupancy increased 5.8 percent to 66.7 percent. Average daily rate rose 1.1 percent to US$98.03—the third time in four weeks the measurement has risen. Revenue per available room rose 7.0 percent to US$65.36.
• Read “STR: US results for week ending June 19.”
The Pacific Asia Travel Association released international visitor arrivals results for the first quarter of 2010. Travel demand in Asia/Pacific picked up strongly during the first quarter of the year, registering a 10-percent increase from the same quarter during 2009.
Within Northeast Asia, China reported a 4-percent increase in international arrivals during the first quarter of 2010 with the sub-region as a whole growing by 8 percent year-on-year for the period.
Southeast Asia reported a collective gain of 16 percent year-on-year during the first quarter.
International visitor arrivals to South Asia grew by 17 percent year-on-year during the first quarter. All the destinations in the sub-region rebounded strongly from the relatively poor first quarter of 2009.
International arrivals to the Pacific grew by 6 percent during the first quarter of 2010, dominated by a 6-percent increase in visitor numbers to the higher volume destinations of Australia and New Zealand.
In the United States, spending on travel and tourism increased at an annual rate of 3.9 percent during the first quarter, following a decrease of 1.5 percent during Q4 2009, according to the U.S. Bureau of Economic Analysis. By comparison, real gross domestic product increased 3.0 percent this quarter after increasing 5.6 percent in Q4. Travel and tourism prices increased 3.5 percent after increasing 6.5 percent during the final quarter of 2009.
Passenger air transportation spending increased 4.5 percent after decreasing 9.8 percent in the previous quarter.
Accommodations spending turned up, increasing 11.0 percent in Q1 after decreasing 7.9 percent during the fourth quarter. Accommodations provided the largest contribution to growth in the quarter.
Prices for passenger air transportation increased 13.3 percent.
For the week ending 19 June, the advance figure for U.S. seasonally adjusted initial unemployment claims was 457,000, a decrease of 19,000 from the previous week's revised figure of 476,000, according to the U.S. Department of Labor. The four-week moving average was 462,750, a decrease of 1,500 from the previous week's revised average of 464,250.
Finally, why don’t we wrap up today’s installment with more numbers-based news? In this case, a really big distressed loan.
Reuters reports that Columbia Sussex Corporation’s US$539-million loan on 14 hotels was transferred to a special servicer, citing imminent default. Fitch reported the transfer Wednesday, according to the Reuters story.
Compiled by Stacey Higgins.