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Broome County hotel occupancy rate slips nearly 2 percent in May

BINGHAMTON — Hotels in Broome County welcomed fewer guests in May than in the year-ago month, according to a new report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 1.8 percent to 62.9 percent in May from 64 percent a year earlier, according to STR, a Tennessee–based […]

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BINGHAMTON — Hotels in Broome County welcomed fewer guests in May than in the year-ago month, according to a new report.

The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county fell 1.8 percent to 62.9 percent in May from 64 percent a year earlier, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, the county’s occupancy rate was up 2.5 percent to 53.6 percent.

Broome County’s revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, rose 2.6 percent to $66.86 in May from $65.16 in May 2018. Through the first five months of the year, the county’s RevPar was up 4.2 percent to $48.48.

Average daily rate (or ADR), which represents the average rental rate for a sold room, increased by 4.5 percent to $106.32 in May from $101.79 a year before.

Journal Staff