Real Estate News | North America Vacation News
U.S. Hotel Market Performance Upticks in January
By Michael Gerrity | February 25, 2013 10:01 AM ET
According to STR, the U.S. hotel industry reported increases in all three key performance metrics during January 2013.
Overall, the U.S. hotel industry's occupancy rose 3.6 percent to 51.0 percent, its average daily rate was up 5.1 percent to US$105.96 and its revenue per available room increased 8.8 percent to US$54.02.
"January RevPAR growth rate was the strongest performance we've seen since June 2012," said Brad Garner, STR's COO. "The results were driven both by solid ADR and demand gains with Washington D.C., Miami and New York among the top performers.
"The Chain Scale segments saw growth across all scales, with Luxury leading in both ADR and RevPAR growth rates. Independent hotels also saw strong results this month," he continued.
Among the Top 25 Markets, New York, New York, achieved the only double-digit occupancy increase, rising 11.4 percent to 73.8 percent. New Orleans, Louisiana, fell 4.5 percent in occupancy to 57.4 percent, posting the largest decrease in that metric.
The three markets that achieved the largest ADR increases were: Washington, D.C. (+17.0 percent to US$151.75); Oahu Island, Hawaii (+15.0 percent to US$209.06); and Miami-Hialeah, Florida (+12.2 percent to US$211.11). New Orleans posted the only ADR decrease, falling 0.2 percent to US$144.76.
Three markets experienced RevPAR increases of more than 15 percent: Washington, D.C. (+25.8 percent to US$79.24); Miami-Hialeah (+17.5 percent to US$174.26); and New York (+16.3 percent to US$145.17). New Orleans posted the largest RevPAR decrease, down 4.7 percent to US$83.12.