During the week of 24-30 November, U.S. hotel occupancy dropped 11.6% to 50.6%, ADR fell 6.7% to $112.28 and RevPAR declined 17.5% to $56.83.
Canadian hotel occupancy fell 5.1% to 59.3% during the week of 24-30 November, and a 2.1% ADR decline to 144.35 Canadian dollars ($109.67) drove RevPAR down 7% to CA$85.63 ($65.06).
STR projects average daily rate between $520 and $540 for Super Bowl weekend in Miami in 2020.
For the second consecutive month, hotels in the Middle East & North Africa recorded a year-over-year rise in profit, a positive sign for a region where GOPPAR declines had previously abounded. GOPPAR in October increased 4% over the same month last year, according to data from HotStats. The increase comes on the heels of a strong September, which saw 10.9% YOY growth in the metric.
Two consecutive months of profit gain were spoiled as the start of the fourth quarter brought with it a year-over-year downturn in GOPPAR for U.S. hotels.
Like the three that preceded it, the final quarter of 2019 started with a year-over-year fall in profits per available room in the UK, according to data from HotStats. The 5.3% YOY drop in GOPPAR in October was only surpassed by the 9.4% plunge recorded in April, and marks the seventh month in the year to record a YOY contraction in profits.
Mainland Europe hoteliers celebrated a positive start to the last quarter of 2019. October marked the second consecutive month – and third month of the year – of growth in profit per available room compared to the same period last year, according to HotStats data.
CBRE Hotels Research forecasts that revenue growth will continue to diminish, but the U.S. lodging industry will remain strong through the next two years. As outlined in the December 2019 edition of Hotel Horizons®, U.S. occupancy levels will dip slightly, but remain above 65.5 percent through 2021, 300 basis points greater than the STR long-run average.
During the week of 17-23 November, Canadian hotel occupancy rose 1.2% to 62.7%, ADR increased 2.6% to 148.71 Canadian dollars ($112.03) and RevPAR rose 3.9% to CA$93.19 ($70.20).
U.S. hotel occupancy rose 17.7% to 61.2% during the week of 17-23 November while ADR increased 10.8% to $124.71 and RevPAR jumped 30.4% to $76.32.