By the Caribbean Journal staff
It’s shaping up to be a good year for the Caribbean hotel industry, thanks to its strongest run of occupancy and revenue growth in years.
Caribbean hotel occupancy was up 1.1 percent in March to 74.8 percent, the fourth consecutive month of year-over-year growth, according to a new report from hotel analytics firm STR.
It’s also the first time Caribbean hotel occupancy has risen for three months in a row since 2015.
Average daily rates rose 8.5 percent to $279.41, while revenue per available room jumped by 9.7 percent in the same period to $209.11, according to STR.
For the year, regional hotel occupancy stands at 72.8 percent, a 1.1 percent increase over the first quarter of 2018; daily rates are up 8.8 percent to $266.44, while revenues are up 10 percent to $193.88.
STR’s data surveyed 1,973 hotels comprising 254,146 rooms across the Caribbean region.