While the overall weekly data was stagnant, weekend occupancy rose modestly and came in above 70% for the fourth straight week. However, the Top 25 Markets showed a lower occupancy level in aggregate with more properties reopening on top of lower demand.
Focusing specifically on 26 hotels in the four zip codes that comprise the immediate downtown area and nearby University Circle, the high point of the week was the opening night of the draft with average occupancy at 85.0%, average daily rate (ADR) at US$244.58 and revenue per available room (RevPAR) of US$207.94.
The hotel revenue index indicated a decline of 89.5% during the Q1 2021 compared to Q1 2019. About 49% of all city hotels in Greece were in operation in Greece during the first quarter, but with hardly any demand, while with a few exceptions the resort hotel sector was closed.
GOPPAR, TRevPAR and EBITDA PAR came in higher than any month since February 2020.
America's real monthly˗GDP jumped at an annualized rate of 4.3 percent in March,” said Professor Evangelos Simos, Editor-in-Chief, in highlights released today for the preliminary (second) monthly GDP update.
As we move further into the spring, much of the U.S. continues to make solid progress toward reaching comparable demand levels from 2019. As a reminder, 2019 is being used as the recovery benchmark due to the heavy pandemic impact in 2020.
Overall industry occupancy will likely remain plateaued until the summer leisure travel boom, but there has been noticeable uptick in weekday occupancy, which is indicative of increased business travel. ADR was up slightly from the previous week, and the Luxury, Midscale and Economy classes have each recovered more than 90% of their 2019 ADR levels.
Just over a year after the World Health Organization declared COVID – 19 a pandemic, the global hotel industry is – slowly – stirring from hibernation and seeing at least modest gains in traveler demand. The wait has been long, and it remains a work in progress. But making headway is all you can ask for after a 12 – month headache.
A record-breaking decade of growth in the Los Angeles hospitality market was brought to a halt by COVID-19 in 2020. A year after the start of the pandemic, we explore the changing dynamics of this market.
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