BINGHAMTON, N.Y. — Broome County hotels welcomed more overnight guests in July than the year-prior month, but the increase was below the gains seen earlier in the year. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 3.7 percent to 69.9 percent in July, according to STR, a Tennessee–based […]
BINGHAMTON, N.Y. — Broome County hotels welcomed more overnight guests in July than the year-prior month, but the increase was below the gains seen earlier in the year.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 3.7 percent to 69.9 percent in July, according to STR, a Tennessee–based hotel market data and analytics company. It was the smallest year-over year increase so far in 2022, as the occupancy gains in the prior six months ranged from nearly 16 percent to more than 45 percent. Year to date, occupancy is up 22.3 percent to 60.3 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, went up 17.2 percent to $80.43 in July versus the year-ago month. Through the first seven months of the year, RevPar jumped 46.4 percent to $62.67.
Average daily rate (ADR), which represents the average rental rate for a sold room, climbed 13.1 percent to $115.05 in the county in the seventh month of 2022, compared to July 2021. So far this year, ADR is up 19.7 percent to $103.97.
