U.S. Hotels Eclipse Pre-Pandemic Performance for First Time

According to the latest report from STR, U.S. hotels’ revenue per available room — the hotel industry’s key performance metric — was up 5.7 per cent last week from the same period in 2019. All hotel sectors saw revenue gains over 2019 levels last week, with the exception of luxury and upper upscale. However, the luxury sector did post the highest jump in daily room rates, with a nearly 23 per cent increase. While the average U.S. hotel occupancy rate actually fell last week to a little more than 65 per cent, daily rates increased by nearly 6 per cent. “Last week was all about Independence Day, and very strong leisure demand materialized,” said Patrick Scholes, managing director of lodging and experiential leisure equity research at Truist Securities.

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