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U.S. Hotel Industry Performance for August 2009

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According to data from STR, the U.S. hotel industry’s occupancy rates, in year-over-year measurements, fell 9.9% to end August 2009 at 60.7%. ADR dropped 10.1% to finish the month at US$96.58 while RevPAR decreased 19% to finish at US$58.65.

“The results for August, while not a surprise, were unfortunately a continuation of what the industry has been reporting over the past several months,” said Mark Lomanno, president of STR. “Demand, while showing signs of stabilization, is still well below year earlier numbers. We are not likely to see improvement in this key indicator for another month or two, where favorable comps to last year will begin to be realized. In addition, the continued erosion in room rates will increasingly put a strain on profitability. The last quarter of 2009 will be closely scrutinized as we look for any swings that might reflect a turnaround.”

Among the top 25 markets, Washington, D.C., reported the smallest decreases in all three key metrics: occupancy fell 0.6% to 65.5%, ADR dropped 4.7% to US$121.48, and RevPAR fell 5.2% to US$79.55.

Four markets besides Washington, D.C., posted occupancy decreases of less than 5%: Boston, Massachusetts (-4.2% to 74.1%); San Francisco/San Mateo, California (-3.3% to 84.7%); Oahu Island, Hawaii (-2.6% to 78.3%); and Tampa-St. Petersburg, Florida (-1.1% to 48.2%). Detroit, Michigan, experienced the largest decrease in occupancy, falling 17.9% to 53.8%, followed by Houston, Texas, with a 16.6 percent decrease to 51.7%.

Denver, Colorado, reported the largest ADR decrease, falling 30.2% to US$89.61. New York also experienced a large drop in ADR, which fell 27.1% to US$185.56, followed by San Francisco/San Mateo (-17.4% to US$127.87); San Diego, California (-16.2% to US$130.58); and Minneapolis-St. Paul, Minnesota-Wisconsin (-16.0% to US$92.38).

Denver also experienced the largest RevPAR decrease, down 38.3% to US$60.51. Three additional markets reported RevPAR decreases of more than 25%: New York (-31.8% to US$154.95); Detroit (-28.3% to US$41.65); and Chicago (-26.1% to US$68.84).

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