BINGHAMTON, N.Y. — Broome County hotels registered a small increase in guests in May compared to the year-earlier month, while two other business indicators rose much more substantially. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county edged up 0.5 percent to 62.8 percent in the fifth month of this […]
BINGHAMTON, N.Y. — Broome County hotels registered a small increase in guests in May compared to the year-earlier month, while two other business indicators rose much more substantially.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county edged up 0.5 percent to 62.8 percent in the fifth month of this year compared to May 2022. Year to date through May, occupancy was down 1.9 percent to 54.1 percent.
Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, jumped 9.7 percent to $80.09 in May versus the year-prior month. Through the first five months of 2023, RevPar in Broome County was up 4.2 percent to $57.93.
Average daily rate (ADR), which represents the average rental rate for a sold room, increased 9.1 percent to $127.53 in the county this May, compared to May 2022. During the five-month period to start this year, ADR increased 6.1 percent to $107.01.