U.S. RevPAR Up More than 5 Percent for Q4 2013
A 3.3 percent year-over-year rise in average daily rate drove a growth of 5.1 percent in hotels' revenue per available room for the fourth quarter of 2013, according to U.S. data released Tuesday by STR. An occupancy increase of 1.8 percent was the strongest of any quarter last year. "The fourth-quarter results were basically in line with the rest of the year, with the highest occupancy growth and moderate ADR growth," said Jan Freitag, STR's senior vice president of global development. "Overall, both growth rates point to a potential slowdown in quarterly growth rates throughout 2014 and 2015." New Orleans reported the largest increase in average daily rate for the quarter, with a 13.6 percent rise to $152.35. Three markets enjoyed RevPAR rises greater than 15 percent: Nashville, which rose 16.7 percent; New Orleans, which climbed 16.3 percent; and San Francisco/San Mateo, Calif., with a 15.6 percent increase.