JPM-LODGING WEEKLY TRENDS-REVPAR 2.2% FOR WEEK ENDING 2.20-100224

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      【出版时间及名称】：JPM-LODGING WEEKLY TRENDS-REVPAR 2.2% FOR WEEK ENDING 2.20-100224
      【作者】：jpm
      【文件格式】：pdf
      【页数】：30
      【目录或简介】：
Smith Travel Research released results for the week ending 2/20/10.
• Total U.S. RevPAR was -2.2% year over year. RevPAR in the Luxury & Upper
Upscale segments, & in Urban markets, where major lodging operators derive the
majority of their revenues was +1.1%, +0.2% & +3.0%, respectively.
• There were no true comparison issues this week, as President's and Valentine's
Day fell in the period in both 2009 and 2010.
• Occupancy by day for the total US: Sun +11.2%, Mon +1.2%, Tue +0.3%, Wed
+0.5%, Thu +0.9%, Fri +1.3%, Sat +2.2%. Additionally, occupancy levels for the
luxury, upper upscale and upscale segments were positive every day in the period.
• For the week, 22 of the top 25 urban markets had year-over-year increases in
occupancy and over the last 28 days, 21 of the top 25 urban markets had yearover-
year increases in occupancy.
• For New York City, RevPAR was up nicely over the last 28 days, coming in at
+5.8%. Moreover, NYC occupancy gains are greater than rate declines, with
volume trends reflective of easy comparisons and business volumes coming back
and rate declines a function of mix and soft group pricing. Given NYC's leading
indicator market status historically, this bodes well within the context of an
industry recovery. Rates are still soft and down year-over-year, but this has lagged,
and looking ahead, we still expect a more meaningful turn in 2H10.
• QTD total U.S. year over year RevPAR growth is -5.7% in 1Q10 and was -11.9%
in 4Q09. Between Monday & Thursday, total U.S. ADR was -4.4%, Luxury ADR
was -7.7%, Upper Upscale ADR was -7.7% & Urban ADR was -3.9%.
• Prior-year RevPAR growth comparisons (WE2/21/09 vs. WE2/23/08) for Total
U.S., Luxury, Upper Upscale & Urban were -17.9%, -27.5%, -21.8% & -19.3%,
respectively.
• We note 2-yr RevPAR growth rates (WE2/20/10 vs. WE2/23/08) for Total U.S.,
Luxury, Upper Upscale, & Urban RevPAR are -20.0%, -30.9%, -22.7% & -16.9%,
respectively.
• Markets of note for our coverage universe include

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