According to Smith Travel Research data, Virginia Beach’s hotel occupancy rate for the week of December 6 – 12 was down 15.3% year-over-year to 36.3%, slightly less negative than the 17.1% drop for the running 28 days. ADR was down 9.2% to $78.80, slightly worse than the 8.4% decline for the running 28 days. RevPAR was down 23.0% to $28.62, slightly better than the running 28-day trend of -24.1%. As a result, Revenue was down 20.9% to $2,209,041 for the week, just ahead of the -21.8% trend for the running 28 days. Most hotel classes in the VB area experienced occupancy declines for the week, with Upper Upscale down 35.8%, Upper Midscale down 23.6%, Upscale down 22.3% and Midscale down only 2.4%. The encouraging exception continues to be the Economy Class, which was up 6.4% to 48.7%, although the weekly increase trails the 9.6% increase for the Running 28 Day Economy class occupancy rate. While all destinations in the competitive set saw declines in occupancy last week, Virginia Beach’s 15.3% decline was the 2nd least negative of the 11 comparative cities, trailing only Coastal Carolina, NC’s 6.9% decline. The other competitors’ drops were sharper than Virginia Beach, ranging from Daytona Beach, FL (-20.1%) to Atlantic City, NJ (-60.8%.)
Source: STR, Inc. Republication or other re-uses of this data without the express written permission of STR is strictly prohibited.
