Florida Keys, San Antonio Markets Surpassed 2019 Occupancy Numbers
U.S. weekly hotel occupancy jumped almost seven points from the previous week to the highest level in the country since early March 2020, according to STR‘s latest data through March 20, 2021.
March 14-20, 2021:
- Occupancy: 58.9%
- Average daily rate (ADR): US$108.07
- Revenue per available room (RevPAR): US$63.62
The 58.9% absolute occupancy was a 93.9% increase from the comparable, pandemic-affected week last year, but more importantly, represented almost 85% of occupancy regained from the 2019 benchmark. There was also more improvement in ADR, which reached 81% of the comparable 2019 level.
Every Top 25 Market experienced week-to-week improvement in occupancy. Outside of the major markets, destinations in Florida and Texas continued to advance with those like the Florida Keys, Sarasota, McAllen/Brownsville and San Antonio even surpassing 2019 levels. Additional insights on the week's performance can be found via STR's Market Recovery Monitor.
Among the Top 25 Markets, Tampa (85.3%) and Miami (80.7%) experienced the highest occupancy levels. The lowest Top 25 occupancy levels came in Boston (37.0%) and Minneapolis (39.0%).
Aggregate data for the Top 25 Markets showed slightly lower occupancy (56.5%) but higher ADR (US$114.55) than all other markets. The major markets continue to show the most sizeable gaps in current occupancy vs. comparable weeks from 2019.
Copyright 2021 CoStar Realty Information Inc. All rights reserved. From https://www.costar.com. By HNN Newswire.