The Americas performance stabilized throughout April, May and June for ADR, RevPAR and occupancy. Still, major markets suffered more than the U.S. and Americas as a whole. New York suffered the worst of the top 25 major markets (ADR at US$223.64, a 26.2 percent decline year over year), yet San Francisco had the best occupancy with only a 6.5-percent decline.

Europe was the most volatile region. It experienced a big dip in occupancy and RevPAR in April but improved in May and June; however, ADR didn