News

Caribbean Hotel Occupancy, Revenue Jumped in May: Report

By: Caribbean Journal Staff - June 25, 2013

Above: the One & Only Ocean Club in Paradise Island

By the Caribbean Journal staff

After a sluggish April, Caribbean hotel occupancy rose 6.6 percent in May, the highest year-over-year jump of any month so far in 2013, according to a new report from STR.

Occupancy in May stood at 64.4 percent, up from 60.4 percent in May 2012, while revenue per available room saw an 8.3 percent increase to $103.66.

The average daily rate also rose 1.6 percent over May 2012 after contracting by 1.4 percent in April.

Total Caribbean hotel revenue was up 8.5 percent year over year to a total of $926.5 million.

As a point of comparison, hotel occupancy in the region was up 12 percent compared to May 2011, and 16 percent over May 2010.

For the year, Caribbean hotel occupancy is up 3.8 percent compared to the first five months of 2012, while RevPAR is up 10.2 percent and average daily rates are up by 6.2 percent.

The average daily rate is at $149.69 for 2013.

STR’s data covered Caribbean hotels through the end of May.

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