The Caribbean hotel industry reported increases in all three key performance metrics during 2014, according to data from STR, Inc.
In year-over-year comparisons, Caribbean hotels during 2014 experienced a 1.5-percent increase in occupancy to 68.0 percent; average daily rate was up 6.4 percent to US$194.66; and revenue per available room rose 8.0 percent to US$132.28.
During 2014, the region experienced three months of RevPAR increases of more than 10.0 percent: April (+11.7 percent); May (+10.5 percent); and January (+10.4 percent). The Caribbean’s hotels checked in positive ADR and RevPAR results in each month during 2014. The year ended with a bang for the region in terms of occupancy, as it posted its largest increase of the year during December (+5.3 percent).
Meanwhile, demand in the Caribbean increased 2.4 percent; revenue jumped 8.9 percent; and supply grew 0.8 percent.
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