New hotel occupancy and room rate data shows that things got even worse for hotels last week than they were the week before when hotels hit what was then their lowest occupancy rate – ever.
It seemed like things couldn’t get any worse, and then last week happened. Compared to the same week the prior year, March 29 – April 4 saw:
- Occupancy: down 68.5% to just 21.6%
- Average daily room rate: down 41.5% to $76.51
- Revenue per available room: down a whopping 81.6% to 16.50
The cheapest hotels had the highest occupancy. Interstate and suburban hotels did better than city center and resort properties. Each week will continue to suffer similar levels of decline compared to the prior year for several weeks.
Minneapolis/St. Paul, Minnesota-Wisconsin, posted the largest decline in ADR (-57.0% to US$68.23).
Of note, occupancy in New York, New York, was down 79.1% to 18.3%. In Seattle, Washington, occupancy dropped 73.3% to 19.5%.
The biggest drop in major market occupancy was on Oahu, where the year-over-year decline was 90.7%. Occupancy was down to 7%.
80,000 Marriott points used to get you a free night outside of peak season. Now it transfers title to the whole hotel.