NEW YORK— Citing Smith Travel Research (STR) estimates, UBS Warburg’s Global Equity Research analysts here maintained that lodging RevPAR was down 10% last week, and that eight of the top 15 markets were actually down 15% or more. As summed up by the market-watching/measuring group, STR figures purport U.S. hotel RevPAR declined 9.7% last week versus a 7.3% decline the previous week. Additionally, occupancies were said to be 5% lower, while room rates reportedly decreased 5.1%. Breaking down the overall market figures a bit, it was contended upper upscale property RevPAR declined 12.8% (as against a drop of 11.3% for the prior week), continuing to make this the worst performing chain segment. Additionally, it was maintained occupancies dropped 5.1% while rates were off 8.2%. On the other hand, midscale without food and beverage ostensibly posted the least negative RevPAR decline, down just 5.3% Stratifying the market by location, it was pointed out airport and urban properties continue to suffer the greatest declines in RevPAR, down 12.6% and 12.3% respectively, while resort locations— off 4.8%— apparently showed the least negative RevPAR decline. Finally, UBS Warburg researchers reiterated that eight of the top 15 markets surveyed experienced RevPAR declines in excess of 15% last week. Specifically, it was said San Francisco realized the sharpest RevPAR decline (43.6%), while Norfolk/Virginia Beach by far flashed the highest RevPAR growth (15.3%). Among the few other tracked markets indicating a RevPAR gain were: Houston (3.1%); Kansas City (2.2%); and Philadelphia (0.4%).
