|
Location |
Occupancy |
ADR |
RevPAR |
|||
|
YTD Oct |
YTD % chg |
YTD Oct |
YTD % chg |
YTD Oct |
YTD % chg |
|
|
Virginia Beach |
52.7% |
-22.5% |
$123.65 |
-11.0% |
$65.15 |
-29.7% |
|
VA overall |
44.1% |
-33.3% |
$90.91 |
-20.5% |
$40.11 |
-47% |
Year-to-date through October, Virginia Beach’s Occupancy rate of 52.7% is 22.7% below 2019 levels. ADR is also down 11.0% to $123.65, and RevPAR is down 29.7% to $65.15. Despite these steep declines, Virginia Beach’s performance is above average compared to the state overall, with overall occupancy down 33.3% to 44.1% state-wide across Virginia.
While trends have improved from April lows, monthly levels were all back in negative territory in October. Specifically, after a slight increase in September (the 1st increase since February) ADR slipped again in October to 2.4% below 2019 levels. Occupancy (-11.1%) and RevPAR (-13.2%) maintained double-digit declines below 2019 levels in October.
|
Competitive Set |
Occupancy |
|
|
YTD Oct |
YTD % chg |
|
|
South Shore/Vineland, NJ |
50.4% |
-19.0% |
|
Coastal Carolina, NC |
50.4% |
-19.8% |
|
Daytona Beach, FL |
51.2% |
-20.3% |
|
Virginia Beach |
52.7% |
-22.5% |
|
Chesapeake/Ocean City, MD |
46.0% |
-24.3% |
|
Myrtle Beach, SC |
44.5% |
-29.8% |
|
Atlantic City, NJ |
43.1% |
-32.0% |
|
Fort Lauderdale, FL |
50.5% |
-33.0% |
|
Wilmington, NC |
52.3% |
-33.3% |
|
Palm Beach County, FL |
45.8% |
-35.8% |
|
Orlando, FL |
42.6% |
-44.2% |
Virginia Beach’s performance is relatively strong within the competitive set, maintaining the highest overall occupancy rate of 52.7% (slightly edging out Wilmington, NC’s 52.3% occupancy.) South Shore /Vineland, NJ (-19.0%), Coastal Carolina, NC (-19.8%) and Daytona Beach, FL (-20.3%) have slightly less negative year-over-year trends than Virginia Beach’s -22.5% YTD occupancy decline.
|
Segment |
Occupancy |
|
|
YTD Oct |
YTD % chg |
|
|
Virginia Beach, VA Economy Class |
62.8% |
-4.4% |
|
Virginia Beach, VA Midscale Class+ |
47.3% |
-25.6% |
|
Virginia Beach, VA Upscale Class |
50.1% |
-27.7% |
|
Virginia Beach, VA Upper Midscale Class |
47.9% |
-29.6% |
Lastly, while most segments are down sharply, Virginia Beach’s Economy Class is only down 4.4% compared to 2019, with an occupancy of 62.8% YTD.
