The ODU Center for Economic Analysis and Policy of Dragas provides weekly data on hotel occupancy rates



NORFOLK, Va. (WAVY) – The Dragas Center for Economic Analysis at Old Dominion University on Wednesday released new data showing that hotel revenues were down 51% and rooms sold were down 33% in Virginia for the week of December 6 to 12 compared to the same period. period in 2019.

In addition, ODU economists say recently released data shows revenue per available room or RevPAR, a healthcare industry standard for the accommodation sector, has fallen to $ 29.36, or a decrease of 51%.

The average daily rate, or ADR, paid for hotel rooms fell 27% to $ 76.64.

Economists said compared to the same week in 2019, revenues fell 70% in the Virginia portion of the Washington, DC market, 48% in the Charlottesville market, and 33% in the Hampton Roads market. .

Data also showed during the week of November 29 to December 31. 5, Rooms sold in the past week have fallen 53% in the Virginia portion of the Washington Market, 34% in the Charlottesville Market, and 21% in the Hampton Roads Market.

The Chesapeake / Suffolk market combined has less decline than the other Hampton Roads submarkets; rooms sold were down 9%.

In the Hampton Roads market, hotel revenues fell 58% in Williamsburg, 38% in Norfolk / Portsmouth, 21% in Newport News / Hampton, 20.9% in Virginia Beach and 16% in Chesapeake / Suffolk.

Rooms sold fell 50% in Williamsburg, 25% in Norfolk / Portsmouth, 13% in Virginia Beach and 12% in Newport News / Hampton.

Over the past four weeks, ODU said the Williamsburg market continued to perform the worst.

The occupancy rate fell by 45% and the RevPAR by 54%. Williamsburg also led to lower revenues from rooms and rooms sold; these were down 50% and 42%, respectively.

“The performance of Commonwealth hotels during this week has generally been almost the same as last week,” said Prof. Vinod Agarwal of the Dragas Center.

Hotel occupancy in Hampton Roads over the past four weeks compared to the same period in 2019 has decreased by 19%, ADR by 14% and RevPAR by 30%.

“The increase in COVID-19 infections, hospitalizations and deaths in recent weeks continues to have adverse effects on this industry,” Agarwal said.

STR is a global company providing information on the hospitality industry.

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