Finance & DevelopmentSTR: Weekly Occupancy Surpasses 50 Percent, Reaching Highest Level in a Year

STR: Weekly Occupancy Surpasses 50 Percent, Reaching Highest Level in a Year

HENDERSONVILLE, Tennessee — U.S. weekly hotel occupancy reached its highest level in a year, according to STR’s latest data for the week of March 7-13, 2021.

Occupancy was down 1.4 percent year-over-year to a level of 52.1 percent—up from 49 percent the week prior. Average daily rate (ADR) for the week of March 7-13 came in at $102.62, down 14.5 percent year over year, and revenue per available room (RevPAR) declined 15.8 percent year over year to $53.45.

U.S. Hotel Industry Performance

March 7-13, 2021 vs. March 8-14, 2020

 

Occupancy: 52.1% (-1.4%)
ADR: $102.62 (-14.5%)
RevPAR: $53.45 (-15.8%)

STR noted that year-over-year percentage changes are now more favorable as comparisons have shifted to pandemic-affected weeks from 2020. When indexed against 2019 levels, the U.S. has recaptured between 70-75 percent of occupancy in recent weeks.

Florida, lifted by Spring Break and Bike Week, was most represented among the leaders in week-to-week occupancy gains. Among all STR-defined markets, Daytona Beach, Fla.; Gatlinburg, Tenn.; Myrtle Beach, S.C.; San Antonio, Texas; Greensboro, N.C.; and the Florida Panhandle showed double-digit growth from the previous week, which is reflective of further reopening around the country. All but seven states saw week-over-week gains, and six states saw occupancy increase by more than 5 percentage points. (Additional insights on the week’s performance can be found via STR’s Market Recovery Monitor).

Among the Top 25 Markets, Tampa experienced the highest occupancy level (72.7 percent). The lowest Top 25 occupancy levels came in Boston (33.6 percent) and Minneapolis (33.9 percent).

Aggregate data for the Top 25 Markets showed slightly lower occupancy (49.8 percent) but higher ADR ($109.06) than all other markets. The major markets continue to show the most sizeable gaps in current occupancy versus 2019.

 


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