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Economy

COVID-19 webinar summary: 5 key points on U.S hotel performance, 27 October

Source: https://str.com/data-insights-blog/covid-19-webinar-summary-5-key-points-us-hotel-performance-27-october

RevPAR growth: Fall stall?

With new COVID cases on the rise and risk mitigation the name of the game, most companies will continue working from home and business travel will remain negligible, stymying further RevPAR improvement.

Weekends remain a bright spot

With business and group travel at historic lows, the difference between mid-week and weekend occupancy continues to widen due to leisure travelers looking for weekend getaways.

Luxury and Upper Upscale hotels remain closed

While most hotels in the Upscale Class and below have reopened, nearly 12% of Luxury and Upper Upscale hotels remained closed. These hard-hit classes also have the lowest Standard occupancy for September.

Group demand up from historic lows

Group demand has more than doubled from its historic April low, when less than 500,000 group rooms were sold. This segment of demand will be one of the last to return, pending both COVID-19 and economic recovery.

Return to office likely to vary by commute time, transit usage, and average CBD rent

STR’s parent company, CoStar Group, provides insight into when and how return to work may happen nationwide. Cities reliant on public transportation like San Francisco and New York City will likely take longer to return employees to office than driving markets like Dallas and Phoenix, leading to uneven RevPAR recovery in these markets.

To learn more about the data behind this article and what STR has to offer, visit https://str.com/.

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Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.

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Advan provides hedge funds and institutional investors with unmatched insights into both foot and vehicle traffic to enable better investment decisions. Using precise, manual geofencing, it has the most extensive and accurate location data, available in seconds through an intuitive, self-service dashboard. Its institutional-grade analytics allow fast and actionable insights into customer behavior and corporate activity.

Advan is headquartered in New York City. For more information please visit www.advan.us