U.S. lodging performance in October is another indicator of the slow-growth environment that operators face in late 2019 and 2020, as revenue per available room declined again.

RevPAR for the U.S. declined 1.2% in October, the second month in a row. Occupancy declined 0.8%, which is probably not a surprise after what we have been talking about, but average daily rate also declined 0.5%, after a string of months in which ADR grew, though by less than 1%. This decline marks the first time that U.S. ADR was down since March 2010, which is when the current upturn started.