After the 2 weeks of declines, results were up year-over year for properties in the Virginia Beach area for the week. According to Smith Travel Research data, Virginia Beach’s hotel occupancy rate for the week of January 17-23 increased by 5.9% year-over-year to 41.9%, still trailing the 12.7% increase for the running 28 days. ADR was still down 4.1% to $82.24, below the 1.3% decline for the running 28 days. However, while still behind the running 28-day trend of +11.2%, RevPAR was up slightly, +1.6% to $34.43. The resulting Revenue for the week was up 4.5% to $2,657,750, compared to the running 28 day increase of 14.4%. Occupancy rates were up in three of Virginia Beach’s five hotel classes. Midscale (+19.0%), Economy (+16.0%) and Upscale (+7.7%) were up year-over-year. Upper Upscale (-8.4%) and Upper Midscale (-7.7%) saw declines. Virginia Beach’s occupancy rate for the week was second among its competitive set. South Shore/Vineland, NJ came in just ahead of Virginia Beach for the week, up 7.8%, while Coastal Carolina, NC came in just behind, up 4.8% year-over-year. The others in the competitive set trailed Virginia Beach’s occupancy change significantly, from Chesapeake/Ocean City, MD’s 23.0% decline to Orlando, FL’s 59.0% decline.
