The Caribbean hotel industry reported lower occupancy, but record-breaking average daily rate (ADR) during 2018, according to data from STR.
Compared with 2017:
- Occupancy: -1.1% to 65.2%
- ADR: +1.7% to US$207.61
- Revenue per available room (RevPAR): +0.6% to US$135.46
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.
Markets affected by the hurricanes of 2017 are recovering at a pace faster than what weve seen historically with previous hurricanes, such as Katrina and even Harvey, said Rico Louw, STRs client account manager. Investment in the region is strong, with nearly 100 projects in the pipeline that are expected to yield an additional 22,000 rooms in the next three to five years. Continued performance growth is projected for U.S. hotel industry, and the Caribbean hopes to mirror that trend.
In absolute values, March was the Caribbeans top-performing month for occupancy (74.0%) and RevPAR (US$190.78), while December produced the highest ADR level (US$262.97).
September was the lowest month of the year for occupancy (48.9%), ADR (US$153.60) and RevPAR (US$75.08).
STRs census database shows more than 1,900 hotels and 250,000 rooms 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.
Logos, product and company names mentioned are the property of their respective owners.