Hotel rates down steeply in US and Canada
Monday 05 October 2009
The average daily hotel rate is down nearly 10 percent across the US and Canada, according to data released October 2 by industry research firm Smith Travel Research (STR).
The week ending September 26 saw the average daily hotel rate in the US finish at $100.30, which is 10.1 percent less than at the same time last year.
All of the top 25 markets reported decreases, with Norfolk-Virginia Beach posting the smallest drop, down 2.2 percent to $86.04. Nashville, Tennessee, was the only other region that fell less than 5 percent, with a 4.9 percent fall to $95.11.
Two markets, San Francisco and Houston, Texas, reported decreases in excess of 20 percent, to $158.58 and $92.59 respectively.
The Canadian industry reported a similar rate decline -- 6.9 percent nationwide -- dropping their average daily rate to CA$129.69 ($120.70), according to STR.
STR references more than 38,000 hotel clients for its worldwide rate benchmarking services.
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