Virginia hotel revenues for February 2021 declined by 39% compared to February 2020, according to data released Thursday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry.
During the same period, rooms sold declined by 23%. The average daily rate (ADR) paid for hotel rooms dropped 21% to $80.34, while revenue per available room (RevPAR) fell to $34.84, a 39% decline.
“Performance of the hotels in the commonwealth during February 2021 was in general worse than in January 2021,” said Professor Vinod Agarwal of Old Dominion University’s Dragas Center for Economic Analysis and Policy in a statement. “COVID-19 continues to adversely impact this industry. However, with increasing vaccinations and declining COVID-19 infections, we should start seeing a significant improvement in the performance of the hotel industry over the 2020 levels beginning in March 2021.”
