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Caribbean Hotels Gaining Momentum

Caribbean Hotels Gaining Momentum

 

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.

05.

STR’s data surveyed 1,971 hotels comprising a total of 253,744 rooms in the wider Caribbean region.

— CJ

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