According to Smith Travel Research data, Virginia Beach’s hotel occupancy rate for the week of November 22-28 was down 9.0% year-over-year to 38.0%, not as sharp of a decline as the 14.8% drop for the running 28 days. ADR was also down 3.4% to $81.96, also not as steep as the 7.9% decline for the running 28 days.  RevPAR was down 12.1% to $31.16, also better than the running 28-day trend of -21.5%.  As a result, Revenue was down “only” 9.5% to $2,448,442 for the week, compared to -19.2% for the running 28 days. Nearly all hotel classes in the area experienced occupancy declines for the week, with Upper Midscale down 18.8%, Midscale down 16.5%, Upper Upscale down 15.3% and Upscale down 12.5%.  However, the encouraging exception continues to be the Economy Class, which was up 7.5% to 49.3%.  Note, though, that the weekly increase trails the 13.2% increase of the Running 28 Day for the Economy class occupancy rate. While all destinations in the competitive set saw declines in occupancy last week, most comparison markets were sharper than Virginia Beach’s 9.0% drop.  Coastal Carolina, NC (-1.3%) and Daytona Beach, FL (-8.6%) saw smaller declines, while the other 9 competitors’ drops were sharper than Virginia Beach, ranging from South Shore/Vineland, NJ (-14.6%) to Atlantic City, NJ, down 51.2% for the week.

Source: STR, Inc. Republication or other re-uses of this data without the express written permission of STR is strictly prohibited.