Skip to content
Search

Latest Stories

STR: Hotel occupancy continues weekly slide in November

A pilot program by the research firm finds short-term rentals in three markets are out performing hotels

AS THE U.S. hotel industry moves into the holiday season, performance continues to lag with weekly declines in occupancy, according to STR. At the same time, short-term rentals in three markets are outperforming hotels.

Occupancy in the week ending Nov. 21 averaged 41.2 percent, down from 43.2 percent the week before and a 32.6 percent decline from the same period last year. It was part of an ongoing weekly slide in occupancy rates.


“The last three weeks have produced occupancy levels of 43.2 percent, 44.4 percent and 44.1 percent,” STR said.

ADR for the week was $88.54 compared to $90.58 the previous week and down 29 percent year-over-year. RevPAR was $36.45 versus $39.11 the previous week, also down 52.2 percent from last year.

STR’s pilot program for reporting and benchmarking short-term rental results in Philadelphia, Nashville and Miami found that in October those units outperformed hotels in those markets. That was consistent with a whitepaper released in August by STR and AirDNA that found short-term apartment rentals are recovering faster from the COVID-19 economic downturn.

Results of STR’s short-term rental sample of multifamily and single-family short-term rentals are as follows.

Philadelphia: Short-term rental occupancy was 70.9 percent, up 26.4 percent over the previous month. Hotels in the market recorded 49.2 percent occupancy for the month. ADR for short-term rentals was $169.97, a 5.3 percent increase by month, and RevPAR was $120.51, up 33 percent from September.

Nashville: Short-term rental occupancy was 58.6 percent, down 2.5 percent from the previous month. “Although down month over month, Nashville’s short-term rental occupancy came in well above hotel occupancy in the market, which was up 13.1 percent to 44.1 percent,” STR said. Short-term rental ADR was $133.08, up 24.3 percent monthly, and RevPAR was $78.05, a 21.2 percent monthly increase

Miami: Short-term rental occupancy was 83.3 percent, better than the 41.6 percent seen by hotels in the market and up 2.1 percent from September. ADR for short-term rentals came in at $117.89, up 12.9 percent, and RevPAR reached $98.24, a 15.3 percent increase over the previous month.

Also, in the week ending Nov. 21, STR’s top 25 markets together had lower occupancy than other markets, 37.8 percent, but higher ADR at $94.21. Tampa/St. Petersburg, Florida, saw 50.4 percent, making it the only major market to exceed 50 percent.

Markets with the lowest occupancy levels for the week were Oahu Island, Hawaii, with 22.9 percent and Chicago with 26.6 percent.

More for you

Peachtree Group , celebrating their 2024 ranking as the 8th largest U.S. CRE lender with $1.6B in investments.
Photo credit: Peachtree Group

Peachtree ranked eighth-largest CRE lender in the U.S.

Peachtree Group Ranks 8th in U.S. CRE Lending for 2024

PEACHTREE GROUP IS the eighth-largest commercial real estate lender in the U.S., according to the Mortgage Bankers Association’s 2024 loan origination rankings. The company deployed $1.6 billion in commercial real estate credit investments.

The MBA also ranked Peachtree seventh among U.S. CRE hotel lenders for the fourth consecutive year and recognized it across the office, multifamily, retail, and industrial sectors, Peachtree said in a statement.

Keep ReadingShow less
stayAPT Suites Lancaster hotel by Destiny Partners in 2025

Destiny, stayAPT to franchise five PA hotels

Why stayAPT Suites and Destiny Partners Are Redefining Extended Stays

DESTINY PARTNERS LLC and stayAPT Suites signed a franchise deal for five Pennsylvania locations: Lancaster, Reading, York, Bethlehem, and Allentown. Construction begins this spring on the first 94-room, four-story property in Lancaster.

Destiny Partners co-founder Shakher Patel leads the firm, while Gary DeLapp is stayAPT Suites' president and CEO.

Keep ReadingShow less
હન્ટર કોન્ફરન્સ 2025: નવું સ્થળ, આર્થિક ચર્ચા

હંટર હોટેલ કોન્ફરન્સે મોટા પગલાની જાહેરાત કરી

હન્ટર હોટેલ ઇન્વેસ્ટમેન્ટ કોન્ફરન્સે આ અઠવાડિયે તેની 2025 મીટિંગની શરૂઆત એવા સમાચાર સાથે કરી હતી કે તે આવતા વર્ષે નવા સ્થાને જશે. ઉપરાંત, કોન્ફરન્સમાં વક્તાઓએ યુ.એસ.ની અર્થવ્યવસ્થાને અસર કરતી વર્તમાન અશાંતિ અંગે તેમના મંતવ્યો આપ્યા હતા.

આ વર્ષની કોન્ફરન્સની થીમ હતી “એલિવેટ યોર ગેમ,”, કોન્ફરન્સ ચેરમેન અને પ્રાયોજક હન્ટર હોટેલ એડવાઈઝર્સના સીઓઓ લી હન્ટરે ડાઉનટાઉન એટલાન્ટામાં મેરિયોટ માર્ક્વિસ હોટેલ ખાતે મંગળવારે તેમની શરૂઆતની ટિપ્પણીઓમાં જણાવ્યું હતું. કોન્ફરન્સમાં 2,200 થી વધુ લોકોએ હાજરી આપી હતી.

Keep ReadingShow less