STR comments on RevPAR

from HNN (11/19):

STR: Weekly RevPAR takes double-digit dip
19 November 2008 1:24 PM
By HNN Newswire

"HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in three key performance measurements during the week of 9-15 November 2008, according to data from STR.

In year-over-year measurements, the industry’s revenue per available room fell 13.2 percent to end the week at US$59.78—down from US$68.86 during the comparable week in 2007. The U.S. hotel industry’s year-over-year occupancy rate fell 11.6 percent to finish the week at 56.3 percent (63.7 percent in 2007). Average daily rate dropped 1.7 percent to end the week at US$106.26 (US$108.15 in 2007).

“It is disappointing and certainly worse than we expected,” said Mark Lomanno, president of STR. “The deteriorating economic conditions have become so pervasive that it is affecting all areas of travel—nearly all of which have an impact on hotels.

“Having said that, we expect the worst to be over in the second quarter of 2009, and we expect improvement in the overall hotel industry performance in the second half of ’09,” he added." ...

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