U.S. Hotel RevPAR Up 7.3 Percent in February
Driven in large part by a 3.9 percent year-over-year increase in average daily rate, February revenue per available room for U.S. hotels rose by 7.3 percent. "February results were healthy," noted STR senior VP of strategic development Jan Freitag, who pointed out that although the growth in rate was smaller than it was last February, it did exceed this past January's growth rate of 3.2 percent. Occupancy for the month was up by 3.3 percent, to 60.3 percent. "Hotels are reporting stronger occupancies again," Freitag added, "and this goes hand-in-hand with some pricing power." Demand grew by 4.5 percent. The largest rate increases for the month were seen in San Francisco/San Mateo, Calif., which was up by 14.2 percent; and Nashville, which climbed by 11.6 percent over last February. Those two metropolitan areas likewise reported the largest increases in RevPAR, at 19.7 percent and 18.7 percent, respectively.