NORFOLK, Va. (WAVY) – Old Dominion University’s Dragas Center for Economic Analysis released new data Wednesday reflecting hotel revenues decreased by 34% and rooms sold declined by 24% in Virginia for the week of Nov. 22-28 when compared to the same period in 2019.
In addition, ODU economists say the newly released data shows the Revenue Per Available Room or RevPAR, an industry standard of the health of the lodging sector, fell to $27.92, a 34% decline.
The Average Daily Rate or ADR, paid for hotel rooms dropped 14% to $78.64.
The economists said compared to the same week in 2019, revenues fell 46% in the Virginia portion of the Washington, D.C., market, 42% in the Charlottesville market, and 23% in the Hampton Roads market.
Data also showed during the week of Nov. 15-21, revenues fell by 68% in the Virginia portion of the Washington market, 24% in the Charlottesville market, and 30% in the Hampton Roads market.
Rooms sold during the latest week fell by 37% in the Virginia portion of the Washington market, 22% in the Charlottesville market, and 12% in the Hampton Roads market.
The Norfolk/Portsmouth market combined has less of a decline than other submarkets in Hampton Roads; rooms sold increased by 4.2%.
Within the Hampton Roads market, hotel revenue fell by 53% in Williamsburg, 12% in Newport News/Hampton, 9% in Virginia Beach, 8% in Chesapeake/Suffolk, and 3% in Norfolk/Portsmouth.
Rooms sold fell by 45% in Williamsburg, 6% in both Newport News/Hampton and Virginia Beach, and 5% in Chesapeake/Suffolk.
Over the last four weeks, ODU said the Williamsburg market has continued to perform the worst.
Occupancy has declined by 39% and RevPAR by 47%. Williamsburg also led in declining room revenues and rooms sold; these were down by 50% and 42%, respectively.
“Performance of the hotels in the commonwealth during this week was in general slightly better than last week,” said Professor Vinod Agarwal of the Dragas Center.
The occupancy rate of hotels in Hampton Roads for the past four weeks when compared with the same period in 2019 declined by 17%, ADR by 14% and RevPAR by 29%.
“COVID-19 continues to have adverse impacts on this industry,” said Agarwal.
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