Hotels in the Middle East saw occupancy decline 33.8% year over year to 44.2% in October as ADR dipped 23.2% to $108.47 and RevPAR decreased 49.2% to $47.96. In Africa, hotel occupancy fell 56.3% to 28.6%, ADR dipped 3.5% to $101.71 and RevPAR dropped 57.8% to $29.08 for the month.
Hotel occupancy in Central and South America fell 52.7% to 29% in October as ADR dipped 21.4% to $66.68 and RevPAR dropped 62.8% to $19.36.
Monthly Sales Climbed 23%, Marking Fourth Consecutive Month of Growth
U.S. hotel occupancy fell 32.7% year over year to 43.2% during the week of 8-14 November. ADR declined 28.6% to $90.58 and RevPAR dropped 52% to $39.11.
Canadian hotel occupancy fell 53.5% to 27.8% during the week of 8-14 November, according to STR. ADR dipped 25.9% to 110.36 Canadian dollars ($84.33) and RevPAR dropped 65.5% to CA$30.70 ($23.46).
If your processes are not tight, you may be bleeding money. And who can afford that in 2020? PKF OConnor Davies presented on Accounting Processes and Procedures at Cyber HITEC this year, and although they did an excellent job, it is still a tough topic.
Fiscal stimulus checks and increased unemployment benefits could be a benefit to real estate in the long run
More than 18,000 hotels contributed information regarding their energy and water usage, as well as their greenhouse gas emissions. Complete as of 2018, the data show that the participating hotels have generally continued to reduce their energy and water usage.
Among the Top 25 Markets, Oahu Island, Hawaii, reported the lowest October occupancy level (22.0%), which represented a 73.5% decline in year-over-year comparisons. The market showed the highest ADR ($157.71), however, which was down 30.9%.
Through Q3 2020, RevPar in Canada continues to deteriorate, declining 61% over 2019. Hotels in the luxury segment and those with more than 500 rooms have taken the brunt of the impact.