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STR Reports US Hotel Performance for March 2011

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According to data compiled by STR, the U.S. hotel industry posted increases in all three key performance measurements during March 2011.

In year-on-year measurements, the industry's occupancy was up 6.1% to 61.4%, the ADR ended the month with a 3.8% increase to reach US$101.72 while RevPAR for the month rose 10.1% to finish at US$62.47.

"The U.S. hotel industry recorded another demand increase during March 2011, which, when combined with room revenue and RevPAR increases of more than 10%, signals an ongoing recovery," said Amanda Hite, STR's president. "As in prior months, the highest ADR increases were recorded at the luxury end of the spectrum. Luxury segment RevPAR growth was almost equally made up of ADR and occupancy growth, sending a strong signal to lower-rated chain scales that pricing power is returning."

"Supply growth remained muted as only 1% of new rooms were added to the U.S. inventory. The Upscale and Upper Midscale segment rooms still grew at a rate of 3.0% and 3.6%, respectively, indicating development activity for these hotels has not been curtailed by lack of funding," Ms. Hite added. "Hoteliers in the Top 25 Markets continue to register strong ADR growth, with San Francisco (+12%), Oahu (+9%), New Orleans (+8.9%) and Chicago (+7%) recording the largest increases. New York hotels, which had reported strong demand growth throughout the year, recorded a 4.1% decrease in occupancy while rates increased 5.8%."

Among the Top 25 Markets, four markets achieved double-digit occupancy increases: Detroit, Michigan (+13.4% to 56.7%); Tampa-St. Petersburg, Florida (+11.2% to 81.1%); Dallas, Texas (+10.7% to 61.5%); and New Orleans, Louisiana (+10.5% to 78.7%). Two markets reported occupancy decreases: New York, New York (-4.1% to 78.2%), and Washington, D.C. (-1.5% to 70.6%).

San Francisco/San Mateo, California, was the only top market to experience a double-digit ADR increase, rising 12% to US$142.49. Atlanta, Georgia, fell 3.7% in ADR to US$84.37, reporting the largest decrease in that metric, followed by Norfolk-Virginia Beach, Virginia, with a 3.3% decrease to US$74.28.

New Orleans jumped 20.4% in RevPAR to US$110.13, reporting the largest increase in that metric. Six other markets experienced RevPAR increases of more than 15%: San Francisco/San Mateo (+17.5% to US$105.62); Chicago, Illinois (+16.4% to US$63.60); Dallas, Texas (+16.1% to US$52.98); Orlando, Florida (+16.1% to US$83.54); Tampa-St. Petersburg (+15.8% to US$91.63); and Detroit (+15.5% to US$42.73). None of the Top 25 Markets experienced RevPAR decreases.

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