Hotel occupancies and revenues are at unprecedented crisis levels, but there are signs that what is sure to be a long, painful recovery is starting to begin.
The week ending May 2 saw national hotel occupancy drop by 58.5% to 28.6% year-over-year, according to hotel data tracker STR. Average daily room rate dropped by 44% to $74. Revenue per available room, known as RevPAR, is down to an average of $21, a nearly 77%…
Read the full story here.