Virginia hotel revenues for May 2021 increased by 178% compared with May 2020, according to data released Tuesday by STR Inc.
“The hotel industry continues to recover in the commonwealth as well as in Hampton Roads,” Professor Vinod Agarwal of Old Dominion University’s Dragas Center for Economic Analysis and Policy said in a statement. “With increasing vaccinations, declining COVID-19 infections, rising consumer confidence, pent-up demand, and easing restrictions we have seen significant improvement in the performance of the hotel industry over the 2020 levels and we expect the industry to continue its recovery each month through the end of 2021.”
Hotel revenues and rooms sold increased in Virginia’s markets during May 2021, compared with May 2020, as the pandemic shutdown continued in the commonwealth.
In Northern Virginia, which has seen a slower bounce back than other regions, hotel revenue increased by 168% year-to-year in May. The Williamsburg market saw an 845% increase; 235% in Virginia Beach; 168% in Norfolk/Portsmouth; 95% in Chesapeake/Suffolk; and 94% in Newport News/Hampton.
The number of rooms sold also increased in May, with a 349% boost in Williamsburg; 114% in Northern Virginia; 164% in Charlottesville; and 79% in the entire Hampton Roads market.