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Published on : Wednesday, July 29, 2015
In year-over-year results, occupancy was up 1.6% to 69.1%; average daily rate rose 4.8% to US$120.60; and revenue per available room increased 6.5% to US$83.37.
“U.S. occupancy reached record levels for both the second quarter and the first half of 2015 (65.2%),” said Bobby Bowers, STR’s senior VP for operations. “ADR growth for the first half (+4.8%) was the highest since 2008. At the same time, RevPAR growth for the second quarter was the lowest since the fourth quarter of 2013.”
Industry demand increased 2.7% during the second quarter, while supply was up 1.1%.
“Supply growth topped 1.0% in a quarter for the first time in more than four years,” Bowers said. “Weak May performance affected demand growth, which was the lowest quarterly demand increase since Quarter Four 2013.”
Of the Top 25 Markets, nine reported double-digit RevPAR growth during the quarter, led by Seattle, Washington (+16.1% to US$123.26). Nashville, Tennessee, followed with a 13.0% increase to US$104.33.
Houston, Texas, was one of two Top 25 Markets to report a decrease in RevPAR, which was down 4.6% to US$79.84. RevPAR in New York, New York, decreased 1.8% to US$239.30.
Seattle also posted the only double-digit ADR increase, up 12.3% to US$151.83.
New York reported the only ADR decrease, down 1.5% to US$268.77.
Orlando, Florida (+4.3% to 78.2%), experienced the largest occupancy increase, while Houston (-4.9% to 71.2%) reported the largest occupancy decrease.
New York (89.0%) recorded the highest absolute occupancy for the quarter, followed by San Francisco/San Mateo, California (87.5%), and Oahu Island, Hawaii (84.4%).