Property Types Hospitality
May 29, 2009
Hotel performance results for April, released this week by Smith Travel Research, illustrated the global nature of the economic downturn, with all four major regions--the Americas, Europe, Asia/Pacific and Middle East/Africa--showing double-digit percentage decreases in occupancy and RevPAR.
Occupancy in the Americas dropped 11.3 percent year-over-year to 56.5 percent, while average daily rate was down 10 percent and RevPAR down 20.1 percent, according to the data. The United States took the hardest hit in terms of average daily rate, which dropped 9.4 percent to $98.37.
New York was one of only two key markets--the other being Manitoba/Saskatchewan, Canada--to see an occupancy decrease of less than 5 percent, but New York also saw one of the sharpest rate drops: down 25.5 percent to $203.58. Three other cities--Toronto, Montreal and Mexico City--also saw rates drop by more than 20 percent. Nassau, Bahamas, was the only major market in the Americas to report an increase in rates.
Several markets in the Americas saw RevPAR fall more than 35 percent: Santiago, Toronto, Mexico City and Buenos Aires. With April the month when swine flu first began to surface, Mexico City saw its RevPAR decrease by more than half.
In Europe, occupancy was down even more, by 13.8 percent to the level of 59.4 percent. Average daily rate in euros was down 14.7 percent, and RevPAR was down 26.5 percent.
SOURCE: BTNonline
Hotel performance results for April, released this week by Smith Travel Research, illustrated the global nature of the economic downturn, with all four major regions--the Americas, Europe, Asia/Pacific and Middle East/Africa--showing double-digit percentage decreases in occupancy and RevPAR.
Occupancy in the Americas dropped 11.3 percent year-over-year to 56.5 percent, while average daily rate was down 10 percent and RevPAR down 20.1 percent, according to the data. The United States took the hardest hit in terms of average daily rate, which dropped 9.4 percent to $98.37.
New York was one of only two key markets--the other being Manitoba/Saskatchewan, Canada--to see an occupancy decrease of less than 5 percent, but New York also saw one of the sharpest rate drops: down 25.5 percent to $203.58. Three other cities--Toronto, Montreal and Mexico City--also saw rates drop by more than 20 percent. Nassau, Bahamas, was the only major market in the Americas to report an increase in rates.
Several markets in the Americas saw RevPAR fall more than 35 percent: Santiago, Toronto, Mexico City and Buenos Aires. With April the month when swine flu first began to surface, Mexico City saw its RevPAR decrease by more than half.
In Europe, occupancy was down even more, by 13.8 percent to the level of 59.4 percent. Average daily rate in euros was down 14.7 percent, and RevPAR was down 26.5 percent.
SOURCE: BTNonline
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