STR has reported weekly and monthly data for the United States and the Canada weekly numbers:
U.S.: All seven chain-scale segments reported revenue-per-available-room increases of more than 5% for the week ending 14 August 2010, according to data from STR.
The luxury segment reported the largest RevPAR increase, rising 11.1% to US$166.76, followed by the upper-upscale segment (+9.2% to US$101.57) and the midscale-with-food-and-beverage segment (8.9% to US$56.73).
Overall, the industry’s occupancy increased 6.9% to 68.3%, ADR rose 1.9% to US$98.88, and RevPAR increased 9.0% to US$67.52.
And in the monthly results, the luxury segment reported the largest average-daily-rate and revenue-per-available-room increases among the chain-scale segments for July 2010, according to data from STR.
The segment’s ADR increased 6.6% to US$234.48, and its RevPAR jumped 14.5% to US$169.07.
Overall, the industry’s occupancy finished July up 7.0% to 67.9%, ADR increased 1.3% to US$99.14, and RevPAR rose 8.5% to US$67.35.
Canada: The Canadian hotel industry reported mostly positive results during the week of 8-14 August 2010, according to data released by STR.
In year-over-year measurements, the Canadian hotel industry’s occupancy increased 3.4 percent to 76.3 percent. Average daily rate ended the week virtually flat with a 0.5-percent increase to CAD$129.74. Revenue per available room for the week rose 3.9 percent to CAD$98.95.
Lehman Brothers has been given the go ahead to lend US$17.5 million to bankrupt Innkeepers USA Trust to aid in Innkeepers’ restructuring, Bloomberg reports.
Lehman, which is also in bankruptcy, said last month the refinancing would help it recoup a secured claim by taking stock in the hotel investment company. New York-based Lehman helped finance Apollo Investment Corporation’s 2007 buyout of Innkeepers with a US$1.2-billion loan.
The Wall Street Journal reports (citing unnamed sources) that Highland Hospitality Corporation might be next to join Innkeepers in bankruptcy.
A Chapter 11 bankruptcy filing isn't expected until at least next month, people familiar with the matter said, cautioning the talks are at an early stage. Highland could avoid bankruptcy court by raising more money to satisfy creditors, and the McLean, Virginia-based company is in talks with Abu Dhabi Investment Authority and other possible investors for an infusion of at least US$200 million that would give Highland breathing room.
Faced with an influx of new competition, luxury hotels in Paris are aggressively pursuing renovation projects in an attempt to keep their properties relevant in guests’ minds, according to a story by HotelNewsNow.com correspondent Tamara Thiessen.
“Knowing ahead of time that four other luxury hotels were going to arrive forced us to call ourselves into question even more than usual and has encouraged improvements,” said Didier Le Calvez, general manager of Hôtel Le Bristol Paris. “It has pushed us to take a good, hard look at ourselves.”
He added, “At the Bristol, we are going to double the size of the spa and add a new panoramic suite of 2,155 square feet on the eighth floor. This is part of an ongoing major investment program by the owners, who each year commit €5 million (US$6.4 million) to the hotel’s renovation, with an additional €12 million (US$15.4 million) for these new projects.”
The advance figure for seasonally adjusted initial unemployment claims in the U.S. climbed by 12,000 to an even half-million for the week ending 14 August, according to the U.S. Department of Labor.
The four-week moving average was up 8,000 to 482,500. Meanwhile, the advance number for seasonally adjusted insured unemployment dropped by 13,000 to 4,478,000.
Compiled by Shawn A. Turner.