The last weeks of December along with the first weeks of a fresh year are typically slower for hotels. Throw in lingering concerns around the pandemic and many areas of the country have seen low performance as the calendar flipped from 2021 to 2022. Not all markets are deep in deficit territory, however, as a diverse range of STR-defined markets are achieving relatively strong indicators.
Our new “bubble charts” for 2022 highlight the leaders and laggards for the four weeks ending 15 January.
Among the Top 25 Markets, both Miami and Oahu had outstanding months. Compared with 2019, Miami attained a revenue-per-available-room (RevPAR) indexed value of 161 (or 61% higher than the same period in 2019). Oahu was the only other Top 25 Market to outperform its 2019 RevPAR with an index of 142. Every major market realized lower occupancies than the 2019 comparable. Miami’s and Oahu’s far above normal average daily rates (ADR) drove RevPAR to new heights.
Outside of the largest U.S. markets, a clear pattern shows where outdoor or beach/ski resort-centered regions continue to dominate. At the top, Maui registered a four-week ADR of US$789, which represented a surplus of US$567 above the 2019 comp. The Florida Keys’ recent occupancy of 82.3% not only outshined all other U.S. markets, is was also a notable rise from 2019 levels (67.8%).
Six markets reported RevPAR of less than US$30, which are beyond the deepest red bubbles in the chart that show RevPAR between US$30-US$40. The North Dakota market (US$28 RevPAR, index: 45) had the distinction of trailing all U.S. markets. Due to the holidays, however, there was a high volume of locations that failed to achieve substantial RevPAR returns.
For more detail on recent performance, be sure to check out our weekly updates in STR’s Market Recovery Monitor.
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