Hotels Hurting

Hotel occupancy is up for the seventh straight week, albeit from a staggeringly depressed level. For the week ending 5/30/20, US hotels enjoyed (if you can call it that) an occupancy rate of 36.6%, pushing weekly demand to about 11 million room nights. The average daily rate per occupied room was $82.94, down 33.3% Y-o-Y. The average rate per room (occupied or vacant) was just $30.34, down (gulp) 62.1% Y-o-Y.