Less Occupancy, Higher Prices For US Hotels In May
Hotels across the country did pretty well last month according to data from STR, although some performance metrics are troubling.
Compared to last year, the US hotel industry’s occupancy dropped 0.5% to 67%, not the best news for the industry. To make up for the occupancy loss the average daily rate rose 2.4%, pushing revenue per room up 1.9% to $83.01, Hospitality Net reports.
When looking at the top 25 markets in the country, Texas’ volatility shows Dallas experienced the largest increase in occupancy with a 5.3% jump, while over in Houston occupancy plummeted more than 8%, largely due to pullbacks in the energy industry. [HN]