In addition to historically low absolute levels in the aforementioned metrics, average daily rate (ADR) came in lower than any year since 2011. Year-over-year declines were the worst on record across the three key performance metrics.
- Occupancy: 44.0% (-33.3%)
- Average daily rate (ADR): US$103.25 (-21.3%)
- Revenue per available room (RevPAR): US$45.48 (-47.5%)
For the first time in history, the industry surpassed 1 billion unsold room nights, which eclipsed the 786 million unsold room nights during the great recession in 2009. Based on November year-to-date results, the industry is expected to show nearly zero profit for the year when STR releases P&L data next week.
Among the Top 25 Markets, Minneapolis/St. Paul, Minnesota-Wisconsin, reported the lowest occupancy level (33.3%), which represented a 49.9% decline in year-over-year comparisons.
Tampa/St. Petersburg, Florida (50.8%), was the only Top 25 Market to reach 50% occupancy. The market’s occupancy level was still 29.4% lower than in 2019.
Oahu Island, Hawaii, was the only major market to post ADR above US$200, at US$215.57 (-10.5%), even as the market saw the steepest year-over-year occupancy decline (-53.7% to 39.0%).
Norfolk/Virginia Beach, Virginia, came in closest to its 2019 comparable with occupancy of 49.1% (-22.7%) and RevPAR at US$43.93 (-34.7%).
In aggregate, the Top 25 Markets showed lower occupancy (42.9%) but higher ADR (US$114.09) than all other markets.
All of STR’s COVID-19 analysis can be found here.
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