Local Hotels Post 6.4 Percent Revenue Gain in First 5 Months of 2017Friday, June 23, 2017
San Diego County hotels saw total revenue rise 6.4 percent from a year ago in the first five months of 2017, topping $1.08 billion, according to the latest monthly data from research firm STR.
Revenue in the January-to-May period was boosted by an occupancy rate of 76.4 percent (up 1.4 percent), an average daily room rate of $153.93 (up 3.9 percent), and revenue per available room (RevPar) of $117.61 (up 5.3 percent).
Room night supply for the first five months rose 1 percent, to approximately 9.25 million, and room night demand (nights booked) increased 2.4 percent, topping 7.06 million.
May was the fourth consecutive month in which local occupancy topped 75 percent, reaching 75.6 percent for a 1.3 percent increase from a year ago. May’s average daily rate was $154.75 (up 0.5 percent) and RevPar was $116.91 (up 1.8 percent).
Room supply for the month rose 0.9 percent, to 1.9 million, and room demand rose 2.2 percent, to 1.4 million. Total revenue for May topped $222.5 million, for a 2.7 percent increase.
The summer months of June through August are traditionally the local region’s strongest for hotel occupancy, which topped 80 percent for all three of those months during the past four consecutive years.
The San Diego region’s hotel occupancy and other metrics have generally been on the rise for the past six years, helped in part by a strong nationwide travel and tourism economy.