Hotels in Onondaga County were emptier in June than the year-ago period, according to a recent report. The county’s occupancy rate slipped 7.5 percent to 64 percent in June from 69.1 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. Onondaga County’s occupancy rate has now declined in […]
Hotels in Onondaga County were emptier in June than the year-ago period, according to a recent report.
The county’s occupancy rate slipped 7.5 percent to 64 percent in June from 69.1 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. Onondaga County’s occupancy rate has now declined in nine of the last 11 months.
Revenue per available room (RevPar), an important industry gauge that measures how much money hotels are bringing in per available room, fell 8.8 percent to $62.81 this June from $68.88 in June 2016. RevPar in the county has also dropped in nine of the past 11 months, per STR.
Average daily rate (or ADR), which represents the average rental rate for a sold room, dipped 1.5 percent to $98.17 in June, from $99.63 a year earlier.
A trend that may be playing a role in Syracuse’s slumping occupancy rate and RevPar statistics is the increase in supply of hotel rooms in the market in the last year with two key projects adding nearly 400 rooms, alone. That includes the opening of the 134-room Aloft Syracuse Inner Harbor hotel last July and the reopening of the former Hotel Syracuse as the 261-room Marriott Syracuse Downtown last August. A number of other hotels have also opened in the county in the past three years.