the source for hotel and hospitality trends
February hotel occupancy in the Middle East dipped 3% to 69.8%, ADR decreased 10.3% to $133.40 and RevPAR fell 13% to $93.07. In Africa, occupancy dipped 0.4% to 61.6%, but a 1.4% ADR increase to $113.31 pushed RevPAR up 1% to $69.78.
Europe's hotel occupancy fell 1.8% to 63.6% in February, and despite a 1.2% ADR increase to €101.68 ($109.78), RevPAR dipped 0.6% to €64.68 ($69.83).
For the week of 8-14 March, Canadian hotel occupancy decreased 24.3% to 46%, ADR dipped 2.8% to 140.70 Canadian dollars ($97.20) and RevPAR plummeted 26.4% to CA$64.71 ($44.70).
Showing further COVID-19 impact, the U.S. hotel industry reported negative year-over-year results in the three key performance metrics during the week of 8-14 March 2020, according to data from STR.
The coronavirus outbreak in 2020 has been a severe challenge for the hotel industry in China, putting the risk management capability of each operating hotel to the test. While from the perspective of hotel investment and asset management, which are more strategic and forward-thinking than day-to-day operation, the industry will recover from the downturn eventually, the impact of this outbreak will force investors to reconsider their strategic planning in hotel investment and in asset management.
e-forecasting.com's flash vintage of U.S. monthly-GDP™, rose in February to $19,370 billion of chained 2012 dollars, expressed at seasonally adjusted annual rates.
Business Recovery Duration Similar to that Following September 11th & The 2008 Financial Crisis
Preliminary February data shows Melbourne hotel occupancy fell 10.9% to 79%, ADR dipped 4.5% to 187.85 Australian dollars ($112.81) and RevPAR decreased 14.9% to AU$148.45 ($87.37).
Preliminary monthly data shows Dubai hotel occupancy fell 9.4% to 77.1% in February, ADR decreased 14.4% to 567.63 Emirati dirhams ($154.56) and RevPAR declined 22.5% to 437.41 dirhams ($119.10).
Slightly negative performance by London hotels for the month of February worsened into double-digit declines during the first week of March, STR data shows.