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Broome County hotel occupancy rose more than 2 percent in December; other key indicators increased more

BINGHAMTON, N.Y. — Broome County hotels had another solid month of business in December to close out a strong year. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 2.4 percent to 51.0 percent compared to the year-prior month. That completes a year of no declines in this key […]

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BINGHAMTON, N.Y. — Broome County hotels had another solid month of business in December to close out a strong year.

The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 2.4 percent to 51.0 percent compared to the year-prior month. That completes a year of no declines in this key measure in 2022 as monthly occupancy changes ranged from unchanged to a more than 45 percent gain. For the full year, occupancy was up 14.6 percent to 60.8 percent.

Two other important indicators of business performance for Broome County hotels posted greater gains in December.

Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, increased 11.1 percent to $50.56 in the final month of 2022 compared to same month in 2021. For all of 2022, RevPar climbed 32.9 percent to $65.34.

Average daily rate (ADR), which represents the average rental rate for a sold room, rose 8.5 percent to $99.11 in the county in December, compared to December 2021. For the entire year, ADR was up 16 percent to $107.54.

Jornal Staff