Finance & DevelopmentFinanceSTR: U.S. Hotel Industry Reports Lowest Q3 Occupancy on Record

STR: U.S. Hotel Industry Reports Lowest Q3 Occupancy on Record

HENDERSONVILLE, Tennessee — In Q3 2020, the U.S. hotel industry reported its lowest third-quarter occupancy level on record, according to data from STR.

Compared to Q3 2019, occupancy declined 32.2 percent to 48 percent in Q3 2020. Average daily rate (ADR) fell 24.1 percent year over year to $101.25 and revenue per available room (RevPAR) dropped 48.5 percent to $48.58. Q3 2020’s absolute occupancy and RevPAR levels were the lowest for any Q3 in STR’s U.S. database.

Among the Top 25 Markets, Oahu Island, Hawaii, saw the lowest occupancy level (24.1 percent) in Q3 2020, while Norfolk/Virginia Beach, Virginia, experienced the highest occupancy (61.4 percent).

Three additional Top 25 Markets reported occupancy above 50 percent: San Diego, California (51.9 percent); Detroit, Michigan (51 percent); and Los Angeles/Long Beach, California (50.6 percent).

In aggregate, the Top 25 Markets fell behind all other markets in each of the three key performance metrics.

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