For the week of March 8 – 14, hotel data on occupancy and room rates is now available. In the U.S. revenue per available room was down a whopping 32.5% year-over-year.
In comparison with the week of 10-16 March 2019, the industry recorded the following:
• Occupancy: -24.4% to 53.0%
• Average daily rate (ADR): -10.7% to US$120.30
• Revenue per available room (RevPAR): -32.5% to US$63.74
Performance declines were uniform across chain scales, classes and location types.
Since occupancy was ‘only’ down 24.4% by then, we can confidently state that things are worse this week, and will gett worse still. To be sure you’ll want to calibrate public statements that are as much designed to jockey for a government bailout as give strong information but Marriott’s decision to furlough tens of thousands of employees and close hotels actually did both of those things.