HENDERSONVILLE, Tennessee—Norfolk-Virginia Beach, Virginia, was the only market to report increases in all three key metrics for September 2009, according to Smith Travel Research.
The market’s occupancy for the month was up 4.4 percent to 53.2; Average daily rate rose 1.0 percent to US$85.75; and Revenue per available room jumped 5.5 percent to US$45.58.
Overall, in year-over-year measurements, the industry’s occupancy fell 6.3 percent to end the month at 56.7 percent. ADR dropped 10.2 percent to finish the month at US$96.67. RevPAR for the month decreased 15.9 percent to finish at US$54.78.
“September results, while in line with our forecast, made it clear that an unforeseen early recovery in lodging industry fundamentals does not seem imminent,” said Mark Lomanno, president of STR. “While demand has begun to stabilize in the important Middle and South Atlantic regions, average room rates continue to be a drag on revenue generation. We will be very closely watching fourth quarter results anticipating incremental improvement in key indicators, even though we fully expect most results still to be negative.”
Oahu Island, Hawaii, experienced the largest increase in occupancy, which jumped 7.5 percent to 74.7 percent.
Minneapolis-St. Paul, Minnesota-Wisconsin reported the largest ADR decrease, dropping 23.6 percent to US$92.15, followed by New York with a 23.2-percent decline to US$249.24.
Four markets experienced RevPAR decreases of 30 percent or more: New Orleans (-38.3 percent to US$37.70); Houston (-38.1 percent to US$44.57); Minneapolis-St. Paul (-32.8 percent US$57.35); and Dallas (-30.2 percent to US$42.57).
Source: STR
Read official press release for September 2009 from STR.
