Matthew blew away $50 million of hotel revenue
STR said about half of the hotel revenue losses in 5 states were in Orlando and Miami
October 23, 2016 03:00PM
Hurricane Matthew (Credit: CNC3.co.tt)
Hotel data and analytics firm STR reported that Hurricane Matthew caused about $50 million of hotel room-revenue losses in Florida and four other states.
Hotel revenue losses due to reduced occupancy peaked in Florida, Georgia, North Carolina, South Carolina and Virginia on Friday, October 7, as Hurricane Matthew moved north along Florida’s Atlantic coast.
The storm caused $14.5 million in room revenue losses in the Orlando area, the hardest-hit major market, followed by the Miami metropolitan area with $13.6 million in room revenue losses and Charleston, South Carolina, with $9.6 million.
Among the hardest hit hotel submarkets, Miami Beach forfeited the most due to Matthew, with room revenue losses totaling $10.2 million, according to STR.
But hotels in some submarkets gained revenue as the hurricane drove additional room reservations by evacuees, stranded tourists, emergency management personnel and the news media.
Hotels in Tampa had a $2.7 million surge in room revenue, the biggest influx of storm-driven business among submarkets in the five-state study by STR.
Source: The Real Deal