Hotel rates down steeply in US and Canada

(Ronald Sumners)

(Relaxnews) -

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.