To coincide with its 40th anniversary, Dallas’ Rosewood Mansion on Turtle Creek unveiled an extensive renovation last fall. It turns out the hotel had even more to celebrate in 2020.
Rosewood Mansion on Turtle Creek ranked sixth statewide and first in Dallas-Fort Worth last year on a key indicator for the financial health of hotels, according to a report from San Antonio-based hotel data provider Source Strategies. Despite the travel slowdown prompted by the coronavirus pandemic, the property’s revenue per available room (RevPAR) rose to $153.45 in 2020 from $144.20 in 2019. The hotel ranked just 100th statewide for RevPAR in 2019.
Austin’s Commodore Perry Estate, which opened last year, ranked first statewide for 2020 RevPAR ($245.47).
While Rosewood Mansion on Turtle Creek and the Commodore Perry Estate posted relatively good revenue numbers in 2020, the same wasn’t the case for The Ritz-Carlton, Dallas.
In 2019, the hotel held the No. 1 spot in the state for RevPAR ($350.95). But in 2020, The Ritz-Carlton slid to No. 8, with RevPAR of $142.73. (This, despite the Ritz-Carlton recently nabbing the city's only prestigious five-star rating from Forbes Travel Guide.)
Also appearing in the state’s top 20 for RevPAR in 2020 was Dallas’ Hotel Crescent Court. It ranked 11th for RevPAR last year ($127.22), down from its No. 8 perch in 2019 ($251.29).
Overall, Dallas-Fort Worth’s hotel revenue plummeted 46.9 percent last year. It fell from more than $3.45 billion in 2019 to almost $1.84 billion in 2020. Statewide, hotel revenue dropped 40.9 percent, tumbling from a little over $12.31 billion in 2019 to nearly $7.28 billion in 2020.
“Source Strategies has been tracking hotels in Texas since 1988, and this year’s downturn has been unlike anything we have seen before,” Todd Walker, president of Source Strategies, says in a March 8 news release. “The worst year of the Great Recession, 2009, saw lodging revenues decline 15 percent year over year. This pandemic downturn is nearly three times the severity — a contraction of over $5 billion statewide.
"Hopefully, we will see a return of leisure travel in the second half of the year as vaccinations become more widespread, but business travel will take longer to come back.”