STR: U.S. hotel profits fell 101.7% in March


U.S. hotel gross operating profit per available room fell 101.7% during March 2020, according to the first-ever monthly P&L data release from STR.

In a year-over-year comparison with March 2019, the industry posted the following:

  • GOPPAR: -101.7% to US$-2.10
  • TRevPAR: -64.0% to US$104.93
  • EBIDTA PAR: -116.8% to US$-15.44
  • LPAR (Total Labor Costs): -31.2% to US$66.16

“Our first U.S. monthly P&L release really could not have been timelier, given the unprecedented crisis the industry is facing amid the coronavirus pandemic,” said Joseph Rael, STR’s senior director of financial performance.

“As reported via our traditional metrics, occupancy, room rates and RevPAR have plummeted at alarming rates with the virtual standstill of business, travel and leisure activity. As expected, this profitability data is very much aligned with the developing trend in RevPAR”.

“Just a few months ago, we were talking about 2020 being a challenging year for profitability given flattening occupancy levels and a lack of hotelier pricing power. Now we’re at a point where thousands of properties have closed around the country due to their inability to operate at any level of profitability.”

Among top markets, New York reported the steepest GOPPAR decline (-203.0%), followed by Chicago (-201.4%) and Seattle (-158.0%).


  • Key profitability metrics:
    TRevPAR – Total revenue per available room
  • GOPPAR – Gross operating profit per available room
  • EBITDA – Earnings before interest, income tax, depreciation, and amortization
  • LPAR – Total labor costs per available room
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