Columbias hospitality industry and overall economy are expected to continue to be spurred by a recent tax incentive, strength of area businesses, and growing tourism.
Along the lines of the Bob Marley song, the Caribbean is alright despite lingering issues such as post-Hurricane rebuilding, new supply, and Sargassum. Resiliency continues as hoteliers have focused on crisis management and innovative product types to drive tourism and investment in the region.
Only hotels in the South Atlantic region experienced a positive price momentum during this period. The performance of hotels in non-gateway cities declined at a faster rate relative to those in gateway cities. Hotel financial operating performance has finally returned to positive profitability with operating profit exceeding both a hotel propertys operating costs as well as financial (borrowing) cost, based on economic value analysis (EVA).
In September, London hotel occupancy change was mostly flat (-0.1% to 86.9%), but a 7.9% ADR increase to £170.63 ($215.27) drove RevPAR up 7.7% to £148.33 ($187.14).