As Pegasus Solutions reports a positive lose to the third quarter, data shows hurricane Sandy’s impact on hotel performance in New York and New Jersey.
DALLAS – Data released by Pegasus Solutions shows the third quarter was generally positive for business and leisure travel hotel bookings and rates. The first quarterly issue of The Pegasus View also includes a timely view of the impact of Hurricane Sandy on New York City and Atlantic City.
Globally, business bookings that rallied during July and August, coming within +3% of prior year, returned to pre-summer levels at -7.8% lower than 2011. Rates, however, were more stable, easing to just -1.5% lower than last year, and realizing 0.4% growth year-to-date. Leisure travel growth slowed at the end of the quarter, but still rose by +2.6% over prior year during an off-peak travel period. The average daily rates (ADR) paid globally also grew by +2.2%.
“We were prepared to issue a positive statement about global travel performance for the third quarter,” said David Millili, chief executive officer of Pegasus Solutions. “However, the tragedy of Hurricane Sandy in the states I both live and work in changed that narrative last week. A mix of cancellations and drops in reservations reminds us not just of the impact this is having on businesses in the areas affected, but also of so many individuals who have been displaced.”
In New York City, reservations fell by -61% from prior year for arrivals October 30 after the storm made landfall. The next day’s bookings were also -50% below last year, where they remained depressed by at least -25% through November 3. Cancellations increased by triple-digit percentages over 2011 for stays October 28 through November 1. Booking declines leveled off after the 11th, aided by crews and residents seeking hotels for temporary housing.
Atlantic City, with a higher mix of leisure visitors, saw reservations plummet by almost -70% from last year, with decreases as high as -60% through November 3. The dramatic cancellations for this area reached as high as +2800% over last year on November 3, registering in the triple digits on several other days. Substantial decreases eased after November 6, with evidence of sporadic boosts and declines through November.
Data reported by Pegasus Solutions comes from billions of transactions processed monthly for nearly 100,000 hotels, facilitating more than $16 billion a year. The Pegasus View, now produced quarterly, is the only industry report to reflect data drawn from both GDS and ADS transactions, representing the business and leisure markets respectively. Pegasus’ recently introduced PegasusView Market Performance business intelligence is a monthly reporting product augmenting the global data provided quarterly in The Pegasus View.
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
