Spring Break Lifts Florida Markets During Week of March 13
U.S. weekly hotel occupancy reached its highest level in a year, according to STR‘s latest data through March 13.
March 7-13, 2021 (percentage change from comparable week in 2020):
- Occupancy: 52.1% (-1.4%)
- Average daily rate (ADR): US$102.62 (-14.5%)
- Revenue per available room (RevPAR): US$53.45 (-15.8%)
Year-over-year percentage changes are now more favorable as comparisons have shifted to pandemic-affected weeks from 2020. When indexed against 2019 levels, the U.S. has recaptured between 70-75% of occupancy in recent weeks.
Florida, lifted by Spring Break and Bike Week, was most represented among the leaders in week-to-week occupancy gains. Among all STR-defined markets, Daytona Beach; Gatlinburg, TN; Myrtle Beach; San Antonio; Greensboro, NC; and the Florida Panhandle showed double-digit growth from the previous week, which is reflective of further reopening around the country. All but seven states saw week-over-week gains, and six states saw occupancy increase by more than 5 percentage points. Additional insights on the week's performance can be found via STR's Market Recovery Monitor.
Among the Top 25 Markets, Tampa experienced the highest occupancy level (72.7%). The lowest Top 25 occupancy levels came in Boston (33.6%) and Minneapolis (33.9%).
Aggregate data for the Top 25 Markets showed slightly lower occupancy (49.8%) but higher ADR (US$109.06) than all other markets. The major markets continue to show the most sizeable gaps in current occupancy vs. 2019.
Copyright 2021 CoStar Realty Information Inc. All rights reserved. From https://www.costar.com. By HNN Newswire.