Weekly U.S. Lodging Performance for Week Ending October 4, 2008
OCTOBER 9, 2008. The U.S. hotel industry posted declines in all three key performance measurements during the week ending Saturday, 04 October 2008, according to data from STR.
In year-over-year measurements, the industry's occupancy fell 11.1 percent to end the week at 59.4 percent. Average daily rate declined 2.4 percent to finish the week at US$103.90. Revenue per available room for the week dropped 13.2 percent to finish the week at US$61.70.
'While the impact from Rosh Hashanah was felt last week, the major concern over the bailout of the U.S. economy crippled the weekly results across all industry segments,' said Brad Garner, VP of client services for STR. 'Twenty of the top 25 markets-the largest hotel markets in the industry-were met with a double-digit rate of decline in RevPAR growth over the same week last year.'
The two Top 25 markets posting year-over-year gains in RevPAR were Houston, which was up 52.3 percent primarily as a result of residents of the Gulf Coast displaced by Hurricane Ike, and St. Louis, which was up 8.4 percent due mainly to the vice presidential debate.
'A significant pull-back in business travel, a collapse in discretionary leisure travel and continued group attrition rates will be ongoing concerns until the credit market crisis eases,' Garner said.
About STR & STR Global
For more than 20 years, Smith Travel Research has been the recognized leader for lodging industry benchmarking and research. Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide. STR is headquartered in Hendersonville, Tenn., and STR Global is based in London. For more information, visit www.smithtravelresearch.com or www.strglobal.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
