The Caribbean Hotel Industry Is Performing Well
Caribbean hotel occupancy continues to improve even with changing travel fundamentals globally, according to new data from analytics firm STR.
It’s part of what has been very strong hotel industry performance in the Caribbean in 2023.
Hotel occupancy in the Caribbean was 70.2 percent in July, a 6.4 percent increase over the same period in 2022.
Average daily rates were up by 12.7 percent in July to $317.30, while revenue per available room shot up by 19.9 percent to $222.74.
For the year, hotel occupancy in the Caribbean is up by 11.3 percent to 69.5 percent.
Average daily rates are up by 14.1 percent to $347.63, while RevPar is up by 27 percent to $241.55.
STR’s data surveyed 2,075 hotels comprising 274.492 rooms in the wider region.