According to Smith Travel Research data, Virginia Beach’s hotel occupancy rate for the week of November 15-21 was down 18.8% year-over-year to 40.5%, a slightly sharper decline than the 16.0% drop and 44.6% occupancy rate for the running 28 days. ADR was down 11.3% to $81.31, also below the 8.3% decline and $85.64 ADR for the running 28 days. RevPAR was down 28.0% to $32.01, also behind the running 28-day trend of -22.9% and $38.19. As a result, Revenue was down 25.8% to $2,586,300 for the week, compared to -20.7% for the running 28 days. Nearly all hotel classes in the area experienced occupancy declines for the week, with Upscale down 34.6%, Upper Upscale down 30.6%, Upper Midscale down 27.8%, and Midscale down 5.2%. The encouraging exception was Economy Class, which was up 21.0% to 54.1%, above its Running 28 Day increase of 12.5%. While all destinations in the competitive set saw declines in occupancy last week, most comparison markets were sharper than Virginia Beach’s 18.8% drop. Coastal Carolina, NC (-5.0%), South Shore/Vineland, NJ (-8.8%), Chesapeake/Ocean City, MD (-10.0%) and Daytona Beach, FL (-11.4%) saw smaller declines, while the other 7 competitors’ drops ranged from Wilmington, NC, down 21.8%, to Atlantic City, NJ, down 56.3% for the week.
Source: STR, Inc. Republication or other re-uses of this data without the express written permission of STR is strictly prohibited.
