TSX:HOT.DB.V - Post by User
Comment by
flamingogoldon Jun 10, 2021 12:25pm
118 Views
Post# 33362895
RE:U.S. hotel results for week ending 29 May
RE:U.S. hotel results for week ending 29 MayThese results are positive considering we are just coming out of a global pandemic. For sure 2021 is more comparable to 2019 than 2020, but it is still not the same comparison metric. A few more quarters are needed to better reflect how demand is coming back and it will.
Jimmy713 wrote: (Not bad - almost at 2019 level)
23-29 May 2021 (percentage change from comparable week in 2019*):
- Occupancy: 61.8% (-4.2%)
- Average daily rate (ADR): US$122.06 (-1.6%)
- Revenue per available room (RevPAR): US$75.42 (-5.7%)
Percentage changes were skewed more to the positive because the 2019 comparable was the week after Memorial Day. Regardless, this past Saturday’s 83.0% occupancy level was the country’s highest since October 2019. Weekly ADR and RevPAR were boosted to pandemic-era highs as well. STR analysts note that while the positives around leisure demand are obvious headed into the summer, the path to recovery remains a rollercoaster with a lack of business travel, both domestic and international, preventing hotels in many markets from making up more of the ground lost in 2020.
Phoenix (+10.0% to 64.3%) was the only Top 25 Market to report a double-digit occupancy increase over 2019. San Francisco/San Mateo saw the steepest decline in occupancy when compared with 2019 (-41.1% to 47.3%).
In terms of ADR, Miami (+52.1% to US$250.19) posted the greatest increase over 2019, followed by Phoenix (+27.4% to US$125.71).
When looking at RevPAR, Miami (+58.4% to US$185.24) and Phoenix (+40.2% to US$80.83) saw the largest increases against 2019.
The largest RevPAR deficits were in San Francisco/San Mateo (-60.4% to US$67.07) and Boston (-55.4% to US$69.79).
*Due to the steep, pandemic-driven performance declines of 2020, STR is measuring recovery against comparable time periods from 2019.