By the Caribbean Journal staff
After a year of struggle in 2018, the Caribbean’s hotel industry is seeing continued momentum in 2019, according to the latest data fro analytics firm STR.
The region’s hotel occupancy was 74.
4 percent in February, a 1.2 percent increase compared to the same month in 2018.
More crucially, however, it was the third consecutive month of positive year-over-year occupancy growth, the first time that’s happened in the Caribbean since the beginning of 2015.
Average daily rates rose by 6.
9 percent in the same period to $271.13, while revenue per available room surged by 9 percent to $173.
23 in February.
For the year, the region’s hotel occupancy is up by 0.
9 percent to 71.5 percent, while daily rates are up by 7.
1 percent at $259.48 and RevPar is up 8 percent to $193.
STR’s data surveyed 1,971 hotels comprising a total of 253,744 rooms in the wider Caribbean region.