The Real Deal Miami

Hotel biz posts improved occupancy, revenues

March 11, 2010 05:37PM

The U.S. hotel industry posted increased occupancy and revenue per available room numbers for the week ending March 6, according to data from Smith Travel Research, a rare bright spot in what has been a shaky couple of years for the hospitality sector. The 0.9 percent revenue per available room, or revpar, increase, to $52.75, was the third in 18 months and the first that wasn’t holiday-related. Luxury hotels reported the largest increase in revpar, up 10.2 percent to $160.19. Occupancy was up overall to 54.9 percent from 50.9 percent one week earlier, while the average daily rate dropped 3 percent to $96.05. Luxury hotels also were most-improved in terms of occupancy, up 16.5 percent to 66.4 percent. The Miami-Hialeah market was the most-improved region with average daily rates up 10.1 percent to $189.37. “The growth in year-over-year revpar is significant because the occupancies are clearly showing an improvement and the decline in rates is finally starting to slow,” said Randy Smith, co-founder and CEO of Smith Travel Research. “While the size of the revpar increase is not significant, it is a clear sign that the outlook for the industry is improving.” TRD