Worldwide hotel occupancy down but rates up
August 28, 2008 |
Worldwide hotel occupancy is down in all regions except for the Middle East and Africa, although rates and revenues largely continue to climb, according to data released today by Smith Travel Research Global.
Growth particularly was slow in the Americas. For the month of July, year-over-year occupancy dropped 1.9 percent, despite a boost from higher South American occupancies, according to STR Global. Revenue per available room for the Americas was up only 0.9 percent, and the average daily rate rose by 2.9 percent to $108.58.
STR data released earlier this week showed that the United States posted even weaker gains in July. Average daily rate was up 2.5 percent to $106.50, RevPAR was up 0.4 percent and occupancy fell by 2.1 percent.
In Europe, rates grew by 14.1 percent, thanks in part to currency conversion levels from the U.S. dollar, according to STR Global. Occupancy was down 2.3 percent, and RevPAR increase by 11.5 percent.
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