Hotels lose $50 during Hurricane Matthew

Hotels lose $50 during Hurricane Matthew

Hotels lose $50 during Hurricane Matthew Hotels in the five US states in the path of Hurricane Matthew lost $50 million in revenues, according to research firm STR’s consulting and analytics division.

STR examined the impact of the Category 4 hurricane on 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,” Steve Hennis, STR’s vice president of consulting and analytics, stated. “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.”

Orlando, Florida sustained the most losses with $14.5 million, followed by Miami/Hialeah also in Florida with $13.6 lost revenues, and Charleston, South Carolina with $9.6 million in losses.

The highest losses registered on October 7.

“There also were many submarkets that saw positive gains as hotels catered to evacuees, stranded visitors, emergency management personnel and the media,” Hennis added.
 
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