US Hotel Occupancy, Rates Up in Third Quarter
Industry occupancy rose to 67.1 percent in the three months ending...
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 Hotel occupancy and rates nationwide rose in the third quarter as the hotel industry continued its recovery, according to the latest figures from Smith Travel Research.

Industry occupancy rose to 67.1 percent in the three months ending September 2004, up 2.6 percent versus third quarter 2003, the lodging industry tracking company reported Friday. Third quarter average room rates increased 3.6 percent, to $86.32. Revenue per available, or RevPAR, a key measure of industry productivity, grew 6.4 percent, to $57.96.

"Third quarter industry performance, particularly the month of September, was strong," said Smith president Mark Lomanno. "October is also shaping up to be a good month. If current trends hold, we anticipate full-year 2004 industry RevPAR growth could be over 6 percent."

In the first nine months of 2004, industry occupancy increased 3.6 percent, to 62.7 percent, over the same period last year. The average room rate rose 3.7 percent, to $86.41, while RevPAR increased 7.5 percent, to $54.20.

Industry demand, as measured by room nights sold, increased 4.8 percent through September compared with demand of less than 1 percent in the comparable period last year.

Industry room supply increased 1.1 percent in the first three quarters of the year, down slightly from 1.3 percent growth in the comparable 2003 period.
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