NORFOLK, Va. (WAVY) – Old Dominion University’s Dragas Center for Economic Analysis released new data on Wednesday reflecting a 34% drop in hotel revenue and a 24% drop in rooms sold in Virginia for the week of 22 to November 28 compared to the same period in 2019.
In addition, ODU economists say recently released data shows Revenue Per Available Room, or RevPAR, an industry health standard for the accommodations industry, fell to $27.92, a drop of 34%.
The average daily rate, or ADR, paid for hotel rooms fell 14% to $78.64.
Economists said that compared to the same week in 2019, revenues fell 46% in the Virginia part of the Washington, D.C. market, 42% in the Charlottesville market and 23% in the Hampton Roads market. .
The data also showed that in the week of Nov. 15-21, revenue fell 68% in the Virginia portion of the Washington market, 24% in the Charlottesville market, and 30% in the Washington market. Hampton Roads.
Rooms sold in the past week have fallen 37% in the Virginia portion of the Washington market, 22% in the Charlottesville market and 12% in the Hampton Roads market.
The combined Norfolk/Portsmouth market has less decline than other Hampton Roads submarkets; rooms sold increased by 4.2%.
In the Hampton Roads market, hotel revenue fell 53% in Williamsburg, 12% in Newport News/Hampton, 9% in Virginia Beach, 8% in Chesapeake/Suffolk and 3% in Norfolk/Portsmouth.
Rooms sold fell 45% in Williamsburg, 6% in Newport News/Hampton and Virginia Beach and 5% in Chesapeake/Suffolk.
Over the past four weeks, ODU said the Williamsburg market has continued to show the worst performance.
Occupancy fell by 39% and RevPAR by 47%. Williamsburg also led the decline in room revenue and rooms sold; these were down 50% and 42%, respectively.
“Commonwealth hotel performance this week was generally slightly better than last week,” said Professor Vinod Agarwal of the Dragas Center.
Hampton Roads hotel occupancy in the past four weeks compared to the same period in 2019 decreased by 17%, ADR by 14% and RevPAR by 29%.
“COVID-19 continues to adversely affect this industry,” Agarwal said.
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