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Home News Industries Hotels/Tourism Feb. statewide hotel revenues were 6.1% lower than 2019

Feb. statewide hotel revenues were 6.1% lower than 2019

Hampton Roads outperforms other markets with 18% increase

Published March 18, 2022 by Katherine Schulte

Hilton Richmond Hotel and Spa in Short Pump. Photo courtesy Shamin Hotels
Hilton Richmond Hotel and Spa in Short Pump. Photo courtesy Shamin Hotels

February hotel revenues in Virginia were 6.1% lower than those recorded in February 2019, according to data released Monday by STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry.

Hotel rooms sold decreased by 5% last month, compared with 2019 levels. The average daily rate (ADR) paid for hotel rooms decreased 1% from 2019 to $96, but revenue per available room (RevPAR) fell to $42, a 7% decrease from February 2019.

In February 2021, Virginia’s RevPAR was $34.84, and the ADR $80.34.

Hotel revenues in Hampton Roads were 18% higher last month than February 2019 levels. Virginia Beach had the largest increase, with revenues up 25%, and the Chesapeake/Suffolk submarket followed with a 24% increase. Newport News/Hampton had a 7% increase in revenue.

For Northern Virginia, hotel revenue was 33% lower than in February 2019. The Northern Virginia market is essentially responsible for the decline in state revenue numbers, according to a press release from Old Dominion University’s Center for Economic Analysis and Policy. In 2019, it accounted for 43% of the state revenues.

The only other markets to see declining revenues were Roanoke, down by 5.9%, and Bristol, Virginia, down 1.1%. The Richmond market saw a 6.9% increase in revenue, and Charlottesville revenues were up 18.6%, which might be partly because of basketball season, said Dragas Deputy Director Vinod Agarwal.

In Northern Virginia, the number of rooms sold last month decreased by 24% compared to the number sold in 2019. The Bristol, Virginia, market saw an 11% decrease, and the Roanoke and Newport News/Hampton markets sold 8% fewer rooms.

Rooms sold increased by 3% in Richmond, 10% in Charlottesville and 12% in the Chesapeake/Suffolk submarket.

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