BINGHAMTON — Broome County hotels saw a drop in occupancy in October, as two other key indicators of business performance were mixed in the month. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county slipped 3.5 percent to 62.9 percent in the 10th month of 2024, compared to October 2023, […]
BINGHAMTON — Broome County hotels saw a drop in occupancy in October, as two other key indicators of business performance were mixed in the month. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county slipped 3.5 percent to 62.9 percent in the 10th month of 2024, compared to October 2023, according to a report from STR, a Tennessee–based hotel market data and analytics company. Year to date, occupancy is up 1.6 percent to 61.7 percent. Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, fell 3.1 percent to $75.72 in October versus the year-ago month. Through the first 10 months of this year, RevPar was higher by 7.6 percent to $74.71. The average daily rate (ADR), which represents the average rental rate for a sold room, inched up 0.4 percent to $120.42 in the county this October, compared to the same month a year earlier. Through Oct. 31, ADR had gained 5.8 percent to $121.05.