According to Smith Travel Research data, Virginia Beach occupancy for the week of November 1-7 was down year-over-year 18.2% to 46.9%, a slightly sharper decline than the 14.4% drop and 50.9% occupancy rate for the running 28 days. ADR was down 9.0% to $87.34, also below the 5.2% decline and $93.42 ADR for the running 28 days. RevPAR was down 25.5% to $40.99, also behind the running 28-day trend of -18.9% and $47.51. As a result, Revenue was down 23.3% for the week, compared to -17% for the running 28 days. Nearly all hotel classes in the area saw declines in occupancy during the week, with Upscale down 29.3%, Upper Upscale down 27.2%, Upper Midscale down 25.4%, and Midscale down 15.3%. The encouraging exception was Economy Class, which was up 12.2%, well above its Running 28 Day increase of 3.1%. While all destinations in the competitive set saw declines in occupancy last week, most were sharper than Virginia Beach’s 18.2% drop. Only South Shore/Vineland, NJ (-9.3%) and Coastal Carolina, NC (-14.4%) saw smaller declines. Other competitors’ drops ranged from Chesapeake/Ocean City, MD down 20.8% to Orlando, FL down 63.1% for the week.
Source: STR, Inc. Republication or other re-uses of this data without the express written permission of STR is strictly prohibited.
