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Strategic Hotels & Resorts, Inc. Message Board

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  • drink.guinness drink.guinness Aug 13, 2010 2:01 PM Flag

    why is this down

    SMITH TRAVEL RESEARCH REPORTED Wednesday that U.S. hotel revenue per available room (RevPAR) increased a strong 8.4% industry-wide last week. There were no calendar issues and the strength was widespread among price points, locations and markets.

    The latest week's results bring the trailing-four-week average RevPAR increase to 8.6%. This strong growth -- driven by both occupancy and rate improvement and which was even stronger at upper upscale, urban and luxury properties -- comes at a time when economic data points have called into question the near-term sustainability and/or strength of the U.S. economic recovery and would appear to demonstrate that corporate travel has yet to be constrained. The data echo the commentary coming out of recent second-quarter lodging-company earnings calls that indicate no deceleration in recent demand trends. Easy comps continue to provide a strong tailwind and the comparable week last year saw RevPAR decline 16.5%. Comps in 2009 will get tougher as the year progresses, though we note that on a two-year basis, there is little difference between upcoming third-quarter and fourth-quarter comps.

    Occupancy increased 6.7% industrywide last week from year-ago levels (up 440 basis points) to 70.2%. Occupancy growth continues to be the primary driver of the positive RevPAR growth and, excluding the impact from calendar shifts, will remain positive for an extended period of time. Occupancy improved in each chain scale and across all location segments and within all of the Top 25 markets. Average daily rates (ADR) increased 1.6% from year-ago levels and, excluding calendar shifts, we believe that ADR growth should remain in positive territory and become an increasingly important contributor to RevPAR growth throughout the second half of the year and accelerating in 2011 as group rates improve and separately negotiated corporate rates shift from a headwind to a tailwind. For the week, ADR increased in 16 of the Top 25 markets.

    From a public company perspective, the relatively more important upper-upscale, urban and luxury properties saw weekly RevPAR growth of 9.6%, 11.7% and 9.7%, respectively. For the second quarter, industrywide RevPAR was up about 6.2%, while the upper-upscale, urban and luxury segments were up 7.9%, 11.8% and 12.6%, respectively.

 
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