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Broome County hotel occupancy rate jumps nearly 9 percent in March

BINGHAMTON — Hotels in Broome County were significantly fuller in March than in the year-ago month, according to a recent report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county rose 8.9 percent to 56.1 percent in March from 51.5 percent a year earlier, according to STR, a Tennessee–based […]

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BINGHAMTON — Hotels in Broome County were significantly fuller in March than in the year-ago month, according to a recent report.

The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county rose 8.9 percent to 56.1 percent in March from 51.5 percent a year earlier, according to STR, a Tennessee–based hotel market data and analytics company. That followed a nearly 8 percent increase in occupancy in February.

Broome County’s revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, soared 14.7 percent to $49.02 in March from $42.73 in March 2018. The county’s RevPar also rose in February, by 7.8 percent.

Average daily rate (or ADR), which represents the average rental rate for a sold room, increased by 5.3 percent to $87.34 in March, compared to $82.92 a year before. That followed flat months for Broome County’s ADR in February and January.

Journal Staff