Virginia hotel revenues for March 2021 increased by 12% compared with March 2020, according to data released Tuesday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry.
During the same period, rooms sold went up by 25%. The average daily rate (ADR) paid for hotel rooms dropped 10% to $85.59, while revenue per available room (RevPAR) rose to $42.80, a 13% increase.
“Performance of the hotels in the commonwealth during March 2021 was in general much better than in February 2021,” Professor Vinod Agarwal of Old Dominion University’s Dragas Center for Economic Analysis and Policy said in a statement. “With increasing vaccinations, declining COVID-19 infections and rising consumer confidence, we have begun to see significant improvement in the performance of the hotel industry over the 2020 levels and we expect these improvements to continue each month through the end of 2021.”
