Results slipped back into negative territory for properties in the Virginia Beach area during the final week of January. According to Smith Travel Research data, Virginia Beach’s hotel occupancy rate for the week of January 24-30 declined by 3.6% year-over-year to 40.5%, matching the 3.6% decline for the running 28 days. ADR was also down 5.1% to $81.35, close to the 4.8% decline for the running 28 days. RevPAR was also down 8.5% to $32.95, similar to the 8.1% drop over the running 28-days. As a result, Revenue for the week was up down 6.0% to $2,545,169, just behind the 5.6% decline of the running 28 days. Occupancy rates were up in two of Virginia Beach’s five hotel classes, but down in the other three. Economy (+12.2%) and Midscale (+10.1%) were up year-over-year. Upscale (-6.4%), Upper Midscale (-11.3%) and Upper Upscale (-25.7%) all saw declines. Virginia Beach’s occupancy rate for the week was third among its competitive set. Orlando, FL (-2.0%) and South Shore/Vineland, NJ (-2.4%) posted slightly less-negative declines than Virginia Beach for the week. Other cities in the competitive set trailed Virginia Beach’s occupancy decline, ranging from Coastal Carolina, NC (-7.5%) to Orlando, FL (-56.7%.).
