In a report issued by STR Global dated July 17, 2013 the occupancy rates and average daily rates of Evansville, Fort Wayne, and several other cities were published.
With respect to the occupancy rates both markets declined from 2012 to 2013. Evansville continue the three year trend of declining occupancy falling to 58.7% from 59.4% in 2012 and 60.5% in 2011. Fort Wayne’s results lagged Evansville’s by a full 2.6% margin to 57.2% in 2013 down from 58.0% in the same lagging annual period from 2012.
The average daily room rate (ADR) for Evansville increased in 2013 to $84.53 per night from $81.14 in 2012. Fort Wayne’s ADR for 2013 also declined to a level 13% below Evansville’s to a level of $74.81 per day.
Markets with declining daily rates accompanied by declining occupancy typically reflect markets that are experiencing an oversupply of available rooms and the accompanying price wars for the available business.
