The Caribbean hotel industry reported record-breaking results in two of the three key performance metrics in 2015, according to data from STR, Inc.
For the year, average daily rate in the market was US$229.44, and revenue per available room was US$157.74. Each of those absolute values was the highest STR has ever benchmarked for a total year in the Caribbean.
In addition, the market’s 68.8% absolute occupancy in 2015 tied 2006 for the third-highest year-end occupancy on record behind 2005 and 2004.
All 12 months in 2015 produced year-over-year increases for ADR and RevPAR in the Caribbean. Occupancy increased year over year in nine of the 12 months.
February was the year’s top-performing month for occupancy (79.2%) in the Caribbean. December produced a record ADR (US$304.34) in the market, as did March for RevPAR (US$224.00).
STR’s census database shows more than 230,000 rooms in more than 1,900 hotels in the Caribbean.
STR, Inc. provides clients —including hotel operators, developers, financiers, analysts and suppliers to the hotel industry—access to hotel research with regular and custom reports covering the United States, Canada, Mexico and Caribbean. STR provides a single source of global hotel data covering daily and monthly performance data, forecasts, annual profitability, pipeline and census information. STR founded the STR family of companies and is proudly associated with STR Global, STR Analytics and Hotel News Now. STR also founded the Hotel Data Conference. For more information, please visit www.str.com.
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