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Hotel revenues down 27% for January

Industry sees slight improvement from December

Hotel revenues down 27% for January

Industry sees slight improvement from December

//February 24, 2021//

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Virginia revenues for January 2021 were down 27% compared with January 2020, continuing the industry’s slow climb back to recovering from the economic impact of the , according to data released Thursday from STR Inc., a CoStar Group division that provides market data on the U.S. industry.

For the same period, rooms sold declined by 14%. The average daily rate (ADR) paid for hotel rooms dropped 15% to $82.56, while revenue per available room (RevPAR) fell to $34.84, a 27% decline.

“Performance of the in the commonwealth during January 2021 was in general better than December 2020,” said Professor Vinod Agarwal of ‘s Dragas Center for Economic Analysis and Policy in a statement released Monday. “-19 continues to adversely impact this industry.”

Hotel revenues and rooms sold declined in most markets in Virginia during January 2021, compared with January 2020. Revenues fell 34% in Northern Virginia, 36% in Charlottesville and 11% in Hampton Roads. During December 2020, revenues fell 61% in Northern Virginia, 37% in Charlottesville and 23% in Hampton Roads. The number of rooms sold during January 2021 fell 28% in Williamsburg and 12% in the Newport News/Hampton region. However, rooms sold increased in Chesapeake and Suffolk by 3.8%.

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