FBR Capital: RevPAR Up Nearly 10% YOY Last Week
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FBR Capital: RevPAR Up Nearly 10% YOY Last Week
FBR analyst says, "For the week ending July 2, 2011, based on Smith Travel Research data, U.S. RevPAR was +9.9% or 370 bps higher than the +6.2% in the previous week (week ending June 25, 2011). Independence Day fell on Monday this week versus on a Sunday of the comparable week last year, which may have had a slight positive impact on the results. Of note, mid-week results were very strong (Mon-Wed RevPAR was in the low double digits) suggesting that business travel trends remained strong in the first half of the week, heading into the long weekend. Results over the weekend were also notably strong with RevPAR +6.8% on Friday and +9.1% on Saturday (in the past several weeks, weekend RevPAR has been in the +4% to +6% range). And finally, last week also appeared to have seen robust group segment performance with Group RevPAR up 8.3%. That said, strength of the Transient RevPAR (+12.3%) was a main driver of overall RevPAR growth last week."
"Luxury and upper-upscale hotel RevPAR. Luxury and upper-upscale hotels saw RevPAR changes of +14.7% (occupancy: +520 bps, ADR: +6.2%) and +10.8% (occupancy: +420 bps, ADR: +4.4%), respectively."
"Midscale and the economy segment RevPAR. RevPAR for the midscale segment was +2.9% (occupancy: +4.5%, ADR: -1.5%) while for the economy segment, RevPAR was +4.2% (occupancy: +1.6%, ADR: +2.6%)."
"Performance by location. Looking at hotel RevPAR performance across locations, we observed urban hotels at +9.6%, suburban +11.4%, airport +10.7%, resort hotels at +12.8%, and highway hotels at +6.5%."
"San Francisco outperforms top-5 markets. Across the top five markets, RevPAR in Boston was -1.5%, Chicago was +17.9%, San Francisco was +36.2%, New York was +7.0%, and D.C. was +10.4%."
FBR analyst says, "For the week ending July 2, 2011, based on Smith Travel Research data, U.S. RevPAR was +9.9% or 370 bps higher than the +6.2% in the previous week (week ending June 25, 2011). Independence Day fell on Monday this week versus on a Sunday of the comparable week last year, which may have had a slight positive impact on the results. Of note, mid-week results were very strong (Mon-Wed RevPAR was in the low double digits) suggesting that business travel trends remained strong in the first half of the week, heading into the long weekend. Results over the weekend were also notably strong with RevPAR +6.8% on Friday and +9.1% on Saturday (in the past several weeks, weekend RevPAR has been in the +4% to +6% range). And finally, last week also appeared to have seen robust group segment performance with Group RevPAR up 8.3%. That said, strength of the Transient RevPAR (+12.3%) was a main driver of overall RevPAR growth last week."
"Luxury and upper-upscale hotel RevPAR. Luxury and upper-upscale hotels saw RevPAR changes of +14.7% (occupancy: +520 bps, ADR: +6.2%) and +10.8% (occupancy: +420 bps, ADR: +4.4%), respectively."
"Midscale and the economy segment RevPAR. RevPAR for the midscale segment was +2.9% (occupancy: +4.5%, ADR: -1.5%) while for the economy segment, RevPAR was +4.2% (occupancy: +1.6%, ADR: +2.6%)."
"Performance by location. Looking at hotel RevPAR performance across locations, we observed urban hotels at +9.6%, suburban +11.4%, airport +10.7%, resort hotels at +12.8%, and highway hotels at +6.5%."
"San Francisco outperforms top-5 markets. Across the top five markets, RevPAR in Boston was -1.5%, Chicago was +17.9%, San Francisco was +36.2%, New York was +7.0%, and D.C. was +10.4%."
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