Smith Travel Research released its January numbers and the wasn't good. Occupancy fell 10.7 percent from a year ago, ADR 5.2 percent and RevPAR 15.3 percent. D.C. was the only market to post increases—thanks to the inauguration—in those three categories. Detroit's occupancy fell 18.9 percent, New York City's ADR dropped 13.1 percent and those two cities, along with Phoenix, suffered RevPAR declines over 25 percent. The luxury segment, not surprisingly, was hit the hardest (23.3 percent drop in RevPAR).
Those seem to be worse numbers than were projected by many analysts, although January '08 wasn't a horrible month, as I recall. So maybe that's partly the reason, that a really bad month compared to a pretty good month is going to show significant declines. Although it won't be any more reassuring to compare a really bad month (like toward the end of last year) to another really bad month (if this freefall continues). The change, year vs. year, may look better, but the actual results will hurt just as much.