The five U.S. states in the path of Hurricane Matthew saw a net hotel room revenue loss of approximately US$50 million during the days of and around the storm, according to STR’s consulting and analytics division.
For the purpose of its Hurricane Matthew analysis, STR examined the hotel room revenue impact in Florida, Georgia, North Carolina, South Carolina and Virginia.
“When looking at the net impact on hotel demand and rates, the story was very similar to what we saw when Hurricane Sandy hit in late 2012,” said Steve Hennis, STR’s VP of consulting and analytics. “Unfortunately, the overall loss will be higher once you factor in future lost business as a result of the extensive damage and renovations that many hotels will require prior to reopening.”
|Market||Room Revenue Impact|
|Charleston, South Carolina||-9,600,000|
|Fort Lauderdale, Florida||-6,800,000|
|West Palm Beach/Boca Raton, Florida||-4,000,000|
|Myrtle Beach, South Carolina||-4,000,000|
|Norfolk/Virginia Beach, Virginia||-3,100,000|
The major markets most affected were Orlando, Florida (-14.5 million); Miami/Hialeah, Florida (-13.6 million); and Charleston, South Carolina (-9.6 million).
The submarkets most affected were Miami Beach, Florida (-10.2 million), and Charleston/West Ashley, South Carolina (-7.3 million).
The most affected day was Friday, 7 October.
“There also were many submarkets that saw positive gains as hotels catered to evacuees, stranded visitors, emergency management personnel and the media,” Hennis said.
Those submarkets included: Tampa CBD/Airport, Florida (+2.7 million); Georgia South Area (+2.1 million); Greenville, South Carolina (+1.5 million); North Carolina Southeast Area (+1.5 million); and Charlotte CBD/Airport, North Carolina-South Carolina (+1.4 million).
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 14 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.