Search

×

Briefs: U.S. occupancy keeps climbing | Lone Star back in UK

U.S. occupancy hits new peak: U.S. weekly occupancy hit its peak since late October 2019, according to STR’s latest data for the week of June 20-26 compared to the same week in 2019.

  • Occupancy: 69.9% (-7.3%)
  • Average daily rate (ADR): US$133.36 (-0.5%)
  • Revenue per available room (RevPAR): US$93.19 (-7.8%)

Among the top 25 markets, Tampa was the only one to see occupancy increase (to 78.5% from 3.5%), while San Francisco/San Mateo saw the steepest decline in occupancy (to -39.3% from 53.4%). The largest RevPAR drops were in San Francisco/San Mateo (-59.3% to US$84.14) and Boston (-53.9% to US$90.07). 

Lone Star back to the U.K.: As debt deals continue to become an attractive investment vehicle, Dallas-based PE firm Lone Star Funds, through its Lone Star Real Estate Fund VI, has reportedly provided a US$138 million-plus loan to U.K.-based The Ability Group to refinance four Hilton-branded hotels. Lone Star in 2015 created Amaris Hospitality in the U.K. and developed an 89-hotel portfolio, which it went on to sell in 2018.

Jabs aid job recovery: Rising COVID-19 vaccinations in the U.S. have been helping job recovery in the food and accommodation sector, with the U.S. West faring better than the South, according to a blog published by the Chicago Federal Reserve Bank. Chicago Fed economist Scott Brave said the weak connection in the South could be because states in that region reopened earlier and faster than other parts of the country. Vaccination uptake has also been slower in the South than elsewhere. One percentage point increase in the vaccinated portion of the population translated to about 15,000 restaurant and lodging jobs, the study found. In June, that would equate to 90,000 jobs gained due to vaccinations. Since April, when vaccinations became widely available and daily injections peaked at more than 3 million, the food and lodging sector added about 220,000 jobs each month. Rising vaccinations, however, have not driven job recovery in industries where employees can work from home.

Comment