U.S. HOTEL PERFORMANCE faltered in the third week of October, ending a streak of meager week-to-week improvements, according to STR. Occupancy fell below 50 percent, a mark it had reached only once before since the low point of the COVID-19 pandemic related downturn.
Occupancy for the week ending Oct. 24 was 48 percent, down from 50.1 percent for the week ending Oct. 17 and down 31.7 percent from last year. ADR finished the week at $95.49 compared to $97.69 the previous week and a 29.4 percent drop from last year. RevPAR was $45.83, down from $48.91 a week before and down 51.8 percent from last year.
The top 25 markets identified by STR together averaged a lower occupancy, 43.2 percent, but higher ADR, $99.81, than all other markets. Four reached and surpassed 50 percent occupancy: Norfolk/Virginia Beach, Virginia, with 54.1 percent; Tampa/St. Petersburg, Florida, with 53.8 percent; Phoenix with 53.6 percent; and Atlanta with 50.2 percent.
Markets with the lowest occupancy levels for the week included Oahu Island, Hawaii, with 23.4 percent and Minneapolis/St. Paul, Minnesota-Wisconsin, with 33.9 percent.
