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STR: U.S. hotel performance improves in the third week of September

Norfolk/Virginia Beach reported the highest occupancy increase

STR: U.S. hotel performance improves in the third week of September

PERFORMANCE OF U.S. hotels improved in the third week of September compared to the week before and also when compared to 2019, according to STR.

Occupancy was 69.6 percent for the week ending Sept. 17, up from 61.7 percent the week before and decreased 2.4 percent from 2019. ADR was $155.58 for the week, increased from $146.80 the week before and increased 15.6 percent from three years ago. RevPAR reached $108.25 during the week, up from $90.50 the week before and improved 12.9 percent from 2019.


Among STR’s top 25 markets, Norfolk/Virginia Beach reported the highest occupancy increase during the week, up 6.6 percent to 70.9 percent, over 2019. Miami reported the largest ADR gain, increased 30.7 percent to $177.10, over 2019.

The steepest RevPAR declines were in San Francisco, down 23.1 percent to $203.27, followed by Houston, dipped 13 percent to $63.58.

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Peachtree Group funds Vastland’s VOCE hotel with $130M loan
Photo credit: Vastland Co.

Peachtree finances Vastland’s VOCE Hotel for $130M

Summary:

  • Peachtree Group financed Vastland’s VOCE Hotel in Nashville for$130M.
  • The 25-story development will feature 192 residences and 114 hotel suites.
  • Construction will start Dec. 8, with completion expected in fall 2027.

PEACHTREE GROUP PROVIDED a $130 million construction loan to Vastland Co. for its first VOCE Hotel & Residence in Nashville, Tennessee. Construction will begin on Dec. 8, with completion expected in fall 2027.

The 25-story mixed-use development will include 192 residences, 114 hotel suites, 60,000 square feet of office space, and more than 40,000 square feet of dining and wellness amenities, according to NashvillePost.

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