BINGHAMTON — Hotels in Broome County were fuller in October compared to a year ago, according to a recent report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county increased 2.4 percent to 61.2 percent in October from 59.7 percent in the year-ago month, according to STR, a Tennessee–based […]
BINGHAMTON — Hotels in Broome County were fuller in October compared to a year ago, according to a recent report.
The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county increased 2.4 percent to 61.2 percent in October from 59.7 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. The occupancy rate through the first 10 months of 2018, was up 2.9 percent to 59.3 percent.
Revenue per available room (RevPAR), a key industry indicator that measures how much money hotels are bringing in per available room, rose 4.6 percent to $56.95 in October from $54.47 in October 2017. Broome County’s RevPAR has increased 15 months in a row. Year to date through October, the county’s RevPAR was up 5.3 percent to $54.79.
Average daily rate (or ADR), which represents the average rental rate for a sold room, gained 2.1 percent to $93.10 in October from $91.16 a year prior, per STR. Broome County’s ADR was up 2.4 percent year to date to $92.45.
