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Monday, 06 July 2020

Hotel Occupancy in Virginia Beach, Va., Area Tops 60 Percent

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The Norfolk/Virginia Beach, Va., hotel market recorded a 61.4 percent occupancy rate for the week ending June 27, according to STR, a Hendersonville, Tenn., industry analytics company.

That's up from 54 percent a week earlier and is the second consecutive week the region has led all markets in the metric. Detroit and Tampa, Fla., are the only other markets to top 50 percent from June 20 to June 27, at 52 percent and 51.1 percent, respectively.

The continued occupancy gains for areas with diverse outdoor offerings remains a strong indicator that leisure demand is very healthy across the United States, said Jan Freitag, STR's senior vice president of lodging insights, in a recent video report.

For the week ending June 27, total U.S. occupancy stood at 46.2 percent, up from 41.7 percent the previous week but down 38.7 percent from the same time last year. Average daily rate was $95.37, an increase from $89.09 a week earlier but down 29 percent from $134.25 the same time last year. Revenue per available room rose to $44.03 from $37.15 the previous week. But that's still down from $101.16 at the same time in 2019.

"This is the first time since March that RevPAR was better than minus 60 percent, so we continue to see an upswing in that metric," Freitag said.

The lowest occupancy rates for the country were recorded in Oahu Island, Hawaii, at 15 percent; Boston, at 27.5 percent; and Orlando, Fla., at 28.9 percent. New York's occpuancy rate dropped to 42.4 percent from 43.6 percent the week prior, while Seattle's occupancy was flat at 33.2 percent.

Comments? E-mail Jim Boyle, or call him at (267) 247-0114.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Norfolk
  • States: Virginia
  • Sector: Hotel & Resort
  • Subject: Research (RES)
  • Private: No
Read 868 times Last modified on Tuesday, 07 July 2020

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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