STR: U.S. hotel occupancy highest since mid-August

U.S. HOTEL OCCUPANCY reached its highest level since mid-August during the second week of October while room rates dipped from a week ago, according to STR. The week’s demand growth came almost exclusively from the Sunday ahead of Columbus Day.

Occupancy was 65 percent for the week ending Oct.16, up from 63.9 percent the week before but a 10 percent drop from the same period in 2019. ADR for the more recent week was $134.03, down slightly from $134.63 the prior week and 1.4 percent down from its value in 2019. It was $134.63 the week before. RevPAR increased to $87.15 during the week from $86.02 a week ago. However, it was reduced by 11.3 percent when compared to the same period in 2019.

“For the 3-day Columbus Day holiday weekend, Oct. 8-10, occupancy reached 72 percent as compared to 75 percent two years ago,” STR said.

None of STR’s top 25 markets recorded an occupancy increase over 2019. Tampa came closest to its 2019 comparable at 66.8 percent, a 3 percent drop. The market reported the highest RevPAR gain, 8.9 percent to $88.87 when compared to 2019, driven by ADR.

Miami reported the largest ADR increase, up 13.8 percent to $184.58 when compared to two years ago.

San Francisco/San Mateo experienced the steepest occupancy decline from 2019, reducing 41.2 percent to 52 percent.

The largest RevPAR deficits were in San Francisco/San Mateo, which dipped 62.1 percent to $90.19 and New York City, down 45.5 percent to $163.58.