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News Details

STR details forecast downgrade, weekly performance

In this week's video take on weekly performance data, STR SVP of Lodging Insights Jan Freitag started out by diving into the company's forecast downgrade for 2020.

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STR is the parent company of Hotel News Now.

Average daily rate is expected to decrease almost 22% this year and will not be reversed in 2021, he said.

He added that STR doesn't expect revenue per available room to meet 2019 levels until late 2024.

Occupancy is expected to be 35.8% for the year and will achieve 52.1% in 2021, Freitag said. Pricing power will likely be hard to come by in 2021 because U.S. hotel rooms are expected to be empty, he said.

STR is also comparing 2021 not to this year, but to 2019, he said.

The number of rooms sold last week stood at 11 million rooms, he added.

Watch the video below for more data insights.