According to Smith Travel Research data, Virginia Beach’s hotel occupancy rate for the week of November 29 – December 5 was down 23.5% year-over-year to 36.7%, steeper than the 15.9% drop for the running 28 days. ADR was down 9.0% to $80.02, slightly worse than the 7.7% decline for the running 28 days. RevPAR was down 30.4% to $29.40, also worse than the running 28-day trend of -22.4%. As a result, Revenue was down 28.3% to $2,289,231 for the week, compared to -20.1% for the running 28 days. Nearly all hotel classes in the area experienced occupancy declines for the week, with Upper Upscale down 43.6%, Upper Midscale down 33.8%, Upscale down 28.9% and Midscale down 22.7%. Once again, the encouraging exception continues to be the Economy Class, which was up 5.0% to 48.0%, although the weekly increase trails the 12.1% 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 23.5% drop was 4th least negative of the 11 comparative cities. Coastal Carolina, NC (-15.7%), Daytona Beach, FL (-19.2%) and South Shore/Vineland, NJ (-20.1%) saw smaller declines, while the other 8 competitors’ drops were sharper than Virginia Beach, ranging from to Myrtle Beach, SC (-27.5%) to Atlantic City, NJ (-58.7%.).
Source: STR, Inc. Republication or other re-uses of this data without the express written permission of STR is strictly prohibited.
