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The coronavirus pandemic delivered a harsh blow to Dallas-Fort Worth hospitality assets, with hotels watching their revenue per available room, or RevPAR, plunge to less than $20 during the week ending April 18, according to data from STR.
The hotel data provider calculates RevPAR by analyzing the percentage of available rooms sold in a particular market and the rate charged. STR data shows RevPAR in both the Dallas and Fort Worth-Arlington submarkets declined by more than 75% year-over-year during the week ending April 18.
RevPAR in the Dallas market fell 80% year-over-year, down to $15.44. That's a steep drop from February when the same market recorded RevPAR of $81.46 and March, when it was $38.66.
The Arlington-Fort Worth hotel market experienced a similar drop, with RevPAR coming in at $77.98 in February and then dropping to $42.49 in March before landing at $18.14 during the week ending April 18. That puts it at 76.9% less than a year ago.
DFW's hospitality market collapsed quickly, but its recovery is likely to be slow.
"At the beginning of this year, so many of our hotels were saying this is going to be a great year," Hotel Association of North Texas Executive Traci Mayer told Bisnow earlier this week. "It’s a banner year for us [they said]. It was [a year] of excitement and just with this one event, it has changed everything."
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