South Florida's hotel industry mostly rebounds in April with higher occupancy, rates
April proved to be a strong month for South Florida’s hotel operators as more visitors filled rooms while paying higher prices during their stays here, a new industry report released Monday shows.
Last month, hotels in Palm Beach and Miami-Dade counties saw rebounds across all three key industry performance metrics --occupancy, average daily rate (ADR) and revenue per available room, according to STR, a national tracker of hotel industry performance, based in Tennessee. Although Broward County experienced a slip dip in occupancy, hotels did experience an uptick in room rates.
In Palm Beach County, hotel occupancy climbed to 76.6 percent, while daily rates and revenue per room rose to $191.18 and $146.39 respectively, data from STR revealed. That compared with 75.1 percent, $181.27 and $136.21 respectively in April 2016.
“A later-than-normal Easter that coincided with Passover were major factors for The Palm Beaches’ strong hotel performance in April,” said Jorge Pesquera, president and CEO for Discover The Palm Beaches, the county’s official tourism marketer.
Pesquera said convention sales also brought in notable group business during the month in the Boca Raton and Palm Beach Gardens areas.
Overall the county is off to solid start this year with a record 2.3 million tourists arriving in the first quarter, up 7 percent from the same period in 2016, Discover The Palm Beaches, the county’s tourism marketer announced recently.
First-quarter 2017 tourism visitation data for Broward and Miami-Dade counties has not been released by their respective tourism agencies.
In April, Miami-Dade County hotels also had a stellar month with 81 percent occupancy from 80.3 percent in April 2016, while average daily rate and revenue per available room clocked in higher at $207.94 and $168.51 respectively versus $203.29 and $163.30, a year ago.
Broward hotels saw slightly lower occupancy of 80.9 percent in April from 81 percent last year, but the average daily rate rose to $155.54 from $152.23, according to STR. And Broward’s revenue per available room also climbed to $125.79 from 123.28 in April 2016.
“Our ADR was up for the first time in six months, which is very good news for us,” said Stacy Ritter, president and CEO of the Greater Fort Lauderdale Convention & Visitors Bureau in a report Friday on the county’s tourism sector.
Broward’s upswing in average room rate followed several months of declining prices and occupancy due to marketplace pressures and economic issues in key source markets, Ritter noted.
Throughout 2017 so far, South Florida’s hotel sector has seen volatility in occupancy, rates and RevPar due in part to ripple effects caused by additional new room inventory, a strong U.S. dollar and federal travel policies that have softened travel demand from certain international markets.
Subscribe for News
Join Professionals on EB5Projects.com →
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.