New report shows Hampton Roads hotel industry ‘fully recovered’ amid pandemic

Norfolk

NORFOLK, Va. (WAVY) — A recent report says that the hotel industry in Hampton Roads has “fully recovered” amid the COVID-19 pandemic. However, not so much for the rest of Virginia.

STR, a global firm that provides insights into the hospitality industry, has released their latest monthly data showing that hotel revenues in Hampton Roads in September were 8% higher compared to the levels measured during the same time in 2019.

In a release from the Dragas Center for Economic Analysis and Policy in the Strome College of Business at Old Dominion University, officials state that the Hampton Roads hotel industry continued to outperform the top 25 markets in the nation in terms of growth in both revenue and Revenue per Available Room.

This is in contrast to the rest of the market in Virginia who is still 21% below the levels observed for the same period in 2019.

The latest data show hotel revenues and rooms sold decreased by 8% and 6% in Virginia for September 2021 when compared to their pre-pandemic levels in 2019.

The Average Daily Rate (ADR) paid for hotel rooms in September 2021 stood at $112.50, a 2% decrease from September 2019. However, Revenue Per Available Room (RevPAR), an industry standard of the health of the lodging sector, fell to $69.38 and was 8% lower compared to its September 2019 level. 

Compared to September 2019, hotel revenue increased in every submarket in Hampton Roads including Williamsburg, where it was up by 8%.

Revenue increased by 10% in Newport News/Hampton market, 19% in Chesapeake/Suffolk, 20% in Norfolk/Portsmouth and 31% in Virginia Beach.

Rooms sold decreased by 11% in the Williamsburg market, were unchanged in Newport News/Hampton and Virginia Beach. However, rooms sold were up by 3% in Chesapeake/Suffolk. 

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