The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county increased 0.6 percent to 50.5 percent in November from 50.2 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. The occupancy rate through the first 11 months of 2018, was up 2.7 percent to 58.5 percent.
Revenue per available room (RevPAR), a key industry indicator that measures how much money hotels are bringing in per available room, rose 1.7 percent to $43.07 in November from $42.34 in November 2017. Broome County’s RevPAR has increased 16 months in a row. Year to date through November, the county’s RevPAR was up 5 percent to $53.76.
Average daily rate (or ADR), which represents the average rental rate for a sold room, gained 1.1 percent to $85.25 in November from $84.30 a year prior, per STR. Broome County’s ADR was up 2.3 percent year to date to $91.91.
Contact the Business Journal News Network at news@cnybj.com