NORFOLK, Va. (WAVY) — Data from a global firm providing insight into the hospitality industry shows hotel revenues in Virginia decreased by more than 50% from this time last year.
According to the STR firm, hotel revenues were down 53% and rooms sold declined by 35% for the week of Nov. 1-7 when compared to 2019.
A professor at Old Dominion University cites the cause for decline as being a result of the coronavirus pandemic.
“Performance of the hotels in the commonwealth during this week was, in general, worse than last week,” said Professor Vinod Agarwal of the Dragas Center. “COVID-19 continues to have adverse impacts on this industry.”
Despite the weeks numbers, local hotels continue to have the smallest declines in both occupancy and the revenue per available room (RevPAR) is among the top 25 markets since September.
For the occupancy rate of hotels in Hampton Roads specifically, when compared with the same period in 2019, rates declined by 19%, ADR by 14% and RevPAR by 30%.
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