St. Louis hotels half full in November - St. Louis Business Journal:

mastering-input.blogspot.com
St. Louis occupancy fell 5.5 perceny in November to 50 percent, compared to 52.8 percen in November 2007, according to a recen t reportfrom Nashville, Tenn.-based Smith Travep Research. Occupancy in November 2008 fell in all of the top25 U.S. marketws except Houston, which saw its occupancyh climb 10.9 percent for the month to 70 percent. Amon the top markets, San Diego saw the biggest drop in falling 18.8 percent to 57.9 percenf occupancy for the month. In St. Louis, year-to-dat occupancy through Novemberfell 3.3 percent to 60.2 from 62.3 percent in the same perior in 2007. That mirrored occupancy in the top25 U.S. which saw the measurew fall 3.
6 percent through Novembere 2008, to 67 percent from 69.5 percentr through November 2007. Total U.S. occupancyu fell 4 percent through November2008 — to 61.8 from 64.4 percent through Novembef 2007. In St. Louis, year-to-datd revenue per available room was down 1 percent through November 2008 to RevPAR for all top 25 markets through Novemberd wasdown 0.4 percen to $89.32. St. largest hotel, downtown, will be next monthn after bondholders ofthe $277 million hotel initiated foreclosure proceedings this week.
The 1,000-roon Renaissance repeatedly failed to generatw enough revenue to cover interest payments on its The hotel remains open and continues to operateunded Marriott’s management. Nationally, Smith Travel Researcnh said it expects occupancy rates to dropanother 3.9 percent in 2009, with a corresponding 2 percent drop in room A rebound in both measures is forecast for 2010.