Hotel Rates are on the Rise

New York City tops a list of five U.S. markets where hotel rates are climbing, according to Hendersonville, Tenn.-based data firm Smith Travel Research.

New York hotel rates climbed 17.2% to $275.29 on average, for the week ending Oct. 2, compared with the same period in the previous year, according to Smith Travel’s latest hospitality industry report.

Nationally, occupancy increased 9.8% to 61.2%, while average daily rate (ADR) was up 4.2% to $99.80, and revenue per available room (RevPAR) ended the week up 14.4% to $61.06.

"The U.S. hotel industry reported strong performance results in occupancy and ADR for the week," says Steve Hood, senior vice president at Smith Travel. The gains were partly because the Yom Kippur holiday fell on Sept. 18th this year, compared to Sept. 28 last year.

ADR in New Orleans rose 14.5% to $111.50, while in Boston, it climbed 12.8% to $166.76. In the West, Dallas, Texas ADR rose 11.2% to $94.31 and in the San Francisco/San Mateo, Calif. rates rose 10.4% to $151.90.

The only double-digit decrease in ADR was posted in Oahu Island, Hawaii. In Nashville, ADR declined 6.1% to $87.72.

With regard to RevPAR, New Orleans reported the largest increase, jumping 56.9% to $68.95, followed by Dallas, up 31.4% to $59.67.

New Orleans also showed the highest occupancy increase for the week on a year-over-year basis, rising 37% to 61.8% occupancy.

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