U.S. Hotels Set New Records in April
Lodging performance indicators remained at all-time highs in April, according to data provider STR. Particularly noteworthy were the highest monthly occupancy ever reported, 66.8 percent, and the highest room demand, with 99.4 million rooms sold. “After a stellar March, the April U.S. numbers continued to impress,” said Jan Freitag, STR’s senior VP of strategic development. Year-over-year, occupancy was up by 1.9 percent, average daily rate rose by a solid 4.5 percent and revenue per available room grew by 6.4 percent. RevPAR has increased in the U.S. for the past 62 consecutive months, added Freitag. Two of the top 25 markets reported double-digit growth in their average daily rates: San Francisco increased by 12.1 percent to $213.30, and Chicago was up 11.7 percent to $138.76. Eight of the markets enjoyed double-digit RevPAR growth, led by Chicago and Seattle. And Tampa/St. Petersburg, Fla., posted the steepest occupancy growth, at 5.6 percent. New York City claimed the largest decrease in both rate and RevPAR, dropping by 4.6 percent and 5.7 percent, respectively. Interestingly, U.S. hotels in smaller markets outperformed the top 25 in April, posting 7 percent RevPAR growth (compared with 5.7 in the top cities) and a 4.8 percent rise in average daily rate (vs. 4.1 percent).