Hotels lost USD50 million in business due to Hurricane Matthew
Sunday, 26 Oct, 2016
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The US hotel industry took a $50 million hit due to Hurricane Matthew, according to hospitality analysts STR.
It looked at the impact of hotel room revenue in the southern states in Hurricane Matthew’s path with Florida markets hit hardest.
It also analyzed Georgia, North Carolina, South Carolina and Virginia.
It caused $14.5 million in revenue losses in the Orlando area alone, as guests cancelled or cut short vacations, or moved to other areas out of Matthew’s range.
"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," said Steve Hennis, STR’s VP of consulting and analytics.
"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."
Miami area hotels lost an estimated $13.6 million and $9.6 million was wiped out in Charleston, South Carolina.
The worst day was Friday October 7, STR said.
"There also were many submarkets that saw positive gains as hotels catered to evacuees, stranded visitors, emergency management personnel and the media," Hennis said.
These included Tampa which saw $2.7 million in revenue gains.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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