The U.S. hotel industry posted double-digit declines in two of the three key performance measurements for the November 2008 reporting period, according to data from Smith Travel Research.
The industry’s revenue per available room in November fell to $52.86 from $60.68 in 2007. Average daily rate declined 2.5 percent to finish the month at $101.81 (compared to $104.47 in 2007). Occupancy for the month dropped 10.6 percent to finish at 51.9 percent (compared to 58.1 percent in 2007). Year-to-date, the U.S. hotel industry’s occupancy dropped 4 percent.
“Like most industries during this recession, the lodging industry began experiencing tough times rather quickly during the second half of 2008, and there are no signs that the deterioration in business will stop in the short term,” said Mark Lomanno, president of Smith Travel Research. “However, we still believe that after a very bumpy first half of 2009, the hotel industry will begin to see a light at the end of the tunnel as the second half of the year unfolds.”
