STR has reported weekly results for the United States and Canada.
U.S.: The U.S. hotel industry reported single-digit increases in all three key performance metrics during the week of 23-29 January 2011, according to data from STR.
In year-over-year comparisons, occupancy increased 6.7% to 52%, average daily rate was up 2.7% to US$97.63, and revenue per available room finished the week up 9.6% to US$50.75.
Canada: The Canadian hotel industry reported mostly positive results in the three key performance metrics for the week of 23-29 January 2011, according to data from STR.
In year-over-year measurements, the Canadian hotel industry’s occupancy increased 2.2% to 55%. ADR ended the week flat at CAD$121.76 (US$123.20). RevPAR increased 2.3% to CAD$66.99 (US$67.78).
Booking behavior is the focus today in HotelNewsNow.com’s examination of online travel agencies. Patrick Mayock reports that more consumers now are looking at OTAs in their search for rooms than ever before.
“This most recent downturn has made consumers more value-seeking and at the same time made them a little more conscious of their dollar even if the economy turns around quickly,” said Chris Anderson, assistant professor at Cornell University’s School of Hotel Administration.
Anderson, whose previously study on the “billboard effect” suggests a hotel’s presence on an OTA boosts direct booking, recently conducted follow-up research using approximately 2,000 bookings made on InterContinental Hotels Group’s family of brand websites. Check out the story for some of the early findings from the new study.
The fourth-quarter earnings season is officially underway. Starwood Hotels & Resorts Worldwide kicked things off today in reporting the company’s worldwide system-wide RevPAR for same-store hotels increased by 10.3% in constant dollars during the quarter.
The company also reported it received US$75 million as part of a legal settlement during the quarter. The corporate espionage settlement between Hilton Worldwide and Starwood is the only legal settlement Starwood reached during the quarter, The Wall Street Journal reports.
A spokesperson from Starwood would not comment on the settlement.
RLJ Lodging Trust is planning a US$550-million offering, the company said in a U.S. Securities and Exchange Commission filing.
Most of the proceeds will go toward paying down debt, with the remainder used for working capital and general business purposes. The REIT invests primarily in premium-branded, focused-service and compact full-service hotels.
The advance figure for seasonally adjusted initial unemployment claims in the U.S. fell by 42,000 to 415,000 for the week ending 29 January, according to the U.S. Department of Labor.
The four-week moving average, though, increased by 1,000 to 430,500.
Compiled by Shawn A. Turner.