By Rico Louw
CJ Contributor
The Bahamas’ hotel market is surging — and vastly outperforming the rest of the region right now, according to data from analytics firm STR.
In a sluggish month for hotels Caribbean-wide, The Bahamas was the only destination to experience a double-digit rise in occupancy last month.
The Bahamas saw a 16 percent increase in occupancy compared to the same month in 2017, resulting in the Caribbean’s only double-digit jump in revenue per available room, or RevPar, at 19.5 percent.
Saint Lucia posted the largest increase in average daily rate, at 18 percent.
The Baha Mar in Nassau.
That came as Caribbean hotels reported declines across the key performance metrics in October, ending a five-month run of positive overall performance.
In year-over-year comparisons, revenue per available room fell 9.5 percent, due primarily to a 9.2 percent decrease in occupancy. Average daily rate (ADR) was basically flat (-0.3 percent).
The previous five months had produced year-over-year RevPAR increases, including a 12.4 percent jump in September.
Puerto Rico recorded double-digit declines in each of the three key performance metrics: occupancy (-22.3 percent), ADR (-12.1 percent) and RevPAR (31.7 percent).
Dorado Beach, a Ritz-Carlton Reserve in Puerto Rico.
Supply, which rose by 4.4 percent in the period, significantly outpaced demand, which fell by -18.9 percent for the month. The drastic year-over-year decline in room nights sold was are a result of the comparison with the time period in 2017 that saw hotels filled with displaced residents and FEMA workers.
Year to date through October, Puerto Rico saw an absolute occupancy level of 71.2 percent and an absolute ADR level of US$200.00, with the latter representing a 10.7 percent increase.
Arashi Beach, Aruba.
When looking at other islands’ performance over the first 10 months of 2018, Aruba experienced an absolute occupancy level of 74.8% and an ADR level of US$312.
Curacao reached a 70.8 percent occupancy level and an ADR of $156, while Barbados posted an occupancy level of 65.0 percent and an ADR level of US$277.
For more on hotel data reporting in the Caribbean, contact Rico Louw at rlouw@str.com.
— CJ