Published on : Thursday, March 22, 2018
It was released according to the data provided by STR, this record is an in a year-over-year comparison with February 2017.
Jan Freitag, STR’s senior VP of lodging insights said that RevPAR has now increased year over year for 96 consecutive months, or eight years in a row, which is far longer than the upswing after 9/11 (56 months), but not yet as long as the positive RevPAR run in the mid-90s (112 months). RevPAR growth for February 2018 specifically was a bit stronger than expected, driven by both healthy occupancy and ADR gains. ADR has now risen at or above 2.3% in four of the last five months.
The hotel industry among the Top 25 Markets, Super Bowl LII host Minneapolis/St. Paul, Minnesota, experienced the only double-digit rise in occupancy (+13.0% to 64.6%) and the largest increases in ADR (+47.0% to US$158.26) and RevPAR (+66.0% to US$102.29).
Miami Hialeah, Florida, posted the only other double-digit lift in ADR (+12.1% to US$260.17), which drove the month’s second-highest rise in RevPAR (+17.2% to US$226.19).
Philadelphia, Pennsylvania-New Jersey has reported the second-largest increase in occupancy (+8.1% to 63.1%), resulting in the third-largest jump in RevPAR (+12.2% to US$75.87). Overall, 18 of the Top 25 Markets reported RevPAR growth. San Francisco/San Mateo, California, reported the steepest decline in RevPAR (-15.9% to US$160.40), due primarily to the second-largest decreases in occupancy (-5.6% to 76.6%) and ADR (-10.9% to US$209.31). Houston, Texas, last year’s Super Bowl host, reported the largest decrease in ADR (-17.9% to US$112.39), resulting in the second-largest drop in RevPAR (-14.0% to US$79.14). Seattle, Washington, experienced the largest drop in occupancy (-7.5% to 67.6%).