Source: CoStar Group
By Sean McCracken
January 20, 2021
The final figures are in for the U.S. hotel industry’s 2020 performance, and as expected, they show the industry hitting record lows amid the coronavirus pandemic.
The latest data from STR, parent company of Hotel News Now and a division of CoStar Group, shows occupancy for the year fell 33.3% from 2019 to 44% overall. Average daily rate held comparatively stronger but still dropped 21.3% to $103.25, and revenue per available room dropped by nearly half, down 47.5% year over year to $45.48.
The figures for both occupancy and RevPAR mark all-time lows as the industry surpassed 1 billion unsold roomnights for the first time ever. The previous high-water mark for that grim statistic was 786 million unsold roomnights during the depths of the Great Recession in 2009.