Financial News for April 2009

STR Americas report shows Ottawa and Montreal reported smallest occupancy decreases in February

LONDON and HENDERSONVILLE, Tennessee—The Americas region reported declines in all three key performance metrics when reported in U.S. dollars for February 2009, according to data compiled by STR and STR Global.

Occupancy for the region dropped 10.0 per cent to 53.7 per cent; average daily rate dropped 9.1 per cent to US$102.07; and revenue per available room dropped 18.2 per cent to US$54.80.

Among the key markets, Montreal (-2.7 per cent to 54.1 per cent), and Ottawa (-2.7 per cent to 71.8 per cent), reported the smallest decreases in occupancy in year-over-year measurement for February 2009. Santiago, Chile, had a decrease in occupancy of 22.6 per cent to 56.2 per cent—the largest decrease in occupancy among the markets.

Santiago had the only increase in ADR, which was up 3.3 per cent to US$131.74. Washington, DC and Nassau, Bahamas both reported ADR decreases of less than 2 per cent (-1.9 per cent to US$147.98 and 1.7 per cent to US$322.09, respectively). Sao Paulo, Brazil reported the largest decrease in ADR, which was down 26.7 per cent to US$72.87.
Washington, DC reported the only single-digit decrease in RevPAR (-5.8 per cent to US$85.28). Sao Paulo led the RevPAR decreases, with a 38.7-per cent decline to US$35.02.

Significantly, Toronto also decreased more than 30 per cent in RevPAR, ending the month down 30.9 per cent to US$60.05.