By all accounts, the Covid-19 pandemic has wreaked near-term havoc on the U.S. economy in general and on the hospitality, tourism and leisure industries in particular. While the Fed Chairman and hotel industry leaders concur that there will be positive GDP growth in the third and fourth quarters of 2020, none believe we will get back to where we were quickly.
U.S. hotel gross operating profit per available room fell 116.9% year over year in April, according to STR's monthly P&L data.
During the week of 17-23 May, Canadian hotel occupancy dropped 71.5% to 18.9%, ADR declined 39.3% to 101.99 Canadian dollars ($74.07) and RevPAR fell 82.7% to CA$19.28 ($14)
STR data ending with 23 May showed another small rise from previous weeks in U.S. hotel performance. Year-over-year declines remained significant although not as severe as the levels recorded in April.
In this Seventh Edition, over one million existing and more than half a million pipeline rooms spread over 7,148 properties were captured. This publication features 55 operators. The analysis covers 33 countries and territories in Asia-Pacific and 1,133 markets with existing hotels as well as 832 markets with proposed hotels.
COVID-19 tightened its grip around U.S. states and cities where lockdowns were omnipresent, stay-at-home orders abounded and travel was at a near standstill. The result was a months worth of grim hotel data.
The vertiginous drop in global hotel revenue and profit performance depicted in March data, continued its free fall in April, marked by dramatic year-over-year decreases across the operating spectrum, according to data from HotStats. The growing chasm in YOY comparison suggests that month-to-month performance measurement may be more reliable in tracking a rebound during the COVID-19 era, signs of which are slowly emerging out of China and suggestive that other global pockets are a month out from an eventual upswing.
The preliminary monthly estimate of real gross domestic product, monthly-GDP, shows a fall in April to $17,461 billion of chained 2012 dollars, expressed at seasonally adjusted annual rates.
Hotels in Central and South America reported occupancy fell 79.7% in April to 11.6%. ADR decreased 28.7% to $61.83, which resulted in an 85.5% drop in RevPAR to $7.17.
In April, Middle East hotel occupancy fell 58% to 31.2%, ADR dropped 35.1% to $95.54 and RevPAR decreased 72.7% to $29.82. Africa's hotels reported occupancy fell 79.8% to 12.5%, ADR declined 31.1% to $77.85 and RevPAR decreased 86.1% to $9.75.