For 2017 Caribbean Hoteliers Report Lowest Absolute Occupancy Level Since 2012
In 2017, hotels in the Caribbean reported occupancy fell 1.2% to 66.4%, but ADR rose 1.9% to $204.64 to keep RevPAR positive (+0.7% to $135.85).
The Caribbean hotel industry reported mixed year-over-year results in the three key performance metrics during 2017, according to data from STR.
Compared with 2016:
- Occupancy: -1.2% to 66.4%
- Average daily rate (ADR): +1.9% to US$204.64
- Revenue per available room (RevPAR): +0.7% to US$135.85
The absolute occupancy level was the lowest in the Caribbean since 2012, but the ADR value was the highest for any year on record in the region.
“Even with the roughest hurricane season in years, and several countries missing out on their traditional fourth-quarter business, total-year performance remained positive for the region,” said Rico Louw, STR’s client account manager. “Although there was a rise in demand (+1.2%), a record-high jump in supply (+2.4) led to the overall decline in occupancy.”
Following historic trends, March was the Caribbean’s top-performing month for occupancy (76.1%), ADR (US$248.90) and RevPAR (US$189.48).
Due to the impact of Hurricane Irma and Hurricane Maria, September was the lowest month of the year for occupancy (46.0%), ADR (US$146.73) and RevPAR (US$67.45)
STR’s census database shows more than 250,000 rooms in more than 1,900 hotels in the Caribbean.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.