U.S.: The industry’s occupancy increased 7% to 43.6%, average daily rate was up 2.9% to US$87.53, and revenue per available room ended the week up 10.1% to US$38.16 for the week ending 27 November.
The upscale segment led the RevPAR increases with a 13.5% jump to US$44.17. The segment’s ADR was up 5.4% to US$95.36 and occupancy increased 7.7% to 46.3%.
Canada: The Canadian hotel industry reported positive results in the three key performance metrics for the week of 21-27 November 2010, according to data from STR.
In year-over-year measurements, the Canadian hotel industry’s occupancy was up 4.1% to 58%. ADR increased 0.5% to CAD$120.63 (US$119.85). RevPAR increased 4.6% to CAD$69.93 (US$69.48).
The four-week moving average, though, dropped by 5,750 to 431,000. The advance seasonally adjusted unemployment rate was 3.4% for the week ending 20 November.
One of the primary benefits of the Marriott Marquis, which will be attached to the Walter E. Washington Convention Center, is that meeting planners will be able to book large blocks of hotel rooms near the convention center. After the November announcement, some large groups said they will book their meetings for 2014 and beyond, according to Greg O’Dell, president and CEO of the Washington Convention and Sports Authority.
“As more hotel inventory comes online, it will help with the pricing for our group business. Meeting planners are trying to secure significant room blocks at certain prices and the hotels have limited inventory,” O’Dell said.
The hotels were bought by a joint venture of Area Property Partners and Aimbridge Hospitality.
"The sale of these three properties supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are underrepresented," said Stephen Haggerty, Hyatt's global head of real estate and development. "We are delighted to expand our relationships with Area and Aimbridge through their purchase and management of these properties, which will continue to be Hyatt-branded."
The Courtyard by Marriott San Diego Downtown, Holiday Inn Express San Diego and Holiday Inn San Diego comprise a total of 1,245 rooms. The article reports hotels also are being sold in Manhattan Beach, California, Salt Lake City and Provo, Utah, but it does not name them. The properties are owned by Massachusetts Mass Mutual Life Insurance Company.
The properties were taken back by the lender after Sunstone Hotel Investors opted to default on a total of US$246 million in loans on almost a dozen hotels. Sunstone is hanging on to five of the properties.
"I'm hopeful they’ll realize proceeds in excess of the (US)$163 million and that they'll be ahead of the game when all is said and done," said Sunstone Chief Financial Officer Ken Cruse.
Compiled by Shawn A. Turner.