Strategic Hotels & Resorts, the owner of the Ritz-Carlton, one of the country’s premier hotels and a major source of Half Moon Bay’s tax revenues, reported today that the Ritz’s performance was down almost thirty percent in 2009.
Our two Ritz-Carlton hotels were particularly and unfairly hit by the political hyperbole and cynical rhetoric which exacerbated the trends away from luxury group meetings. RevPAR in Half Moon Bay and Laguna Niguel were each down by almost 30% last year. We are already seeing a modest improvement in booking trends of these hotels and believe they will get a disproportion share of upside as the recovery accelerates. More importantly, our year-to-date market share penetration results for both of these properties indicate significant gains consistently above 20% over their competitive sets.
RevPAR is a common industry metric which calculates revenue per room.
The Ritz, along with many of the area’s other hotels, is currently participating in a “Stay Three. Get Third Free.” The promotion runs until April 15th.