HAMPTON ROADS, Va. (WAVY) — Old Dominion University worked with newly-released data from a global firm focused on the hospitality industry to examine how Virginia’s hotels performed the week following July 4.
According to a release from ODU’s Dragas Center for Economic Analysis and Policy, data shows hotel revenues decreased by 50% and rooms sold declined by 38% in Virginia for the week of July 5-11 when compared to the same period in 2019.
Even though the performance of hotels was worse in comparison to past years for the week following July 4, Hampton Roads continued to scale up.
The hotel industry in Hampton Roads achieved the highest occupancy rate and revenue per available room (RevPAR) among the top 25 markets in the nation for the week of July 5-11, as well as for the last four weeks.
The occupancy rate in Hampton Roads was 60.4% for the current week and 59.8% for the last four weeks. Likewise, RevPAR reached $69.94 for the current week and $67.41 for the last four weeks.
Compared to the same week (July 5 – July 11) in 2019, hotel revenues and rooms sold have declined in every major market in Virginia:
- 70% in the Virginia portion of the Washington, D.C., market
- 65% in the Charlottesville market
- 34% in the Hampton Roads market
However, during the week of June 28-July 4, due to July 4 falling on a Saturday, hotel revenues declined by 55% in the Virginia portion of the Washington, D.C., market, 47% in the Charlottesville market and 27% in the Hampton Roads market.
“Despite a slight setback from the previous week, we continue to see improvement in room revenues as well as in rooms sold this week over the last few weeks. We should brace ourselves for a continued slow rebound as the nation and the Commonwealth largely reopens from COVID-19, however. It will take time for business and leisure travelers to fill rooms again.”Professor Vinod Agarwal | Dragas Center of Economic Analysis and Policy
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