Hotel Industry: Trending Upward?
The hotel industry saw marginal improvements in the third quarter, with occupancy and revenue per available room improving slightly from second-quarter numbers.
According to Smith Travel Research, occupancy climbed to 60.5 percent, up from 58 percent in the second quarter. However, third-quarter occupancy rates are still 8 percent lower than in the third quarter of 2008.
RevPAR increased slightly, to $59, up from $56 in the second quarter but down 17 percent from the third quarter of 2008. Average daily rate continues to fall. In the third quarter, the ADR was $96.80, down from $97.40 in the second quarter. Year over year, the third-quarter ADR is off 10 percent.
Among the top 25 markets, only Oahu Island, Hawaii, came in virtually flat in occupancy for the third quarter; its occupancy was 77 percent. Norfolk-Virginia Beach, Va., posted the smallest decrease in ADR, down 5 percent to $99, and the smallest decrease in RevPAR, falling 8 percent to $64.
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