Hotel rates and revenues continue to climb in the Caribbean, according to a new report from hotel analytics from STR, which covers the global industry.
Regional hotel occupancy is also up to start the year, with a 3.6 percent increase over the first two months of 2023 — and a very impressive number of 73.2 percent.
So how are hotel prices? Caribbean-wide, the average daily rate stands at $407.55 right now, a 9.9 percent jump compared to January and February of last year.
Hotel revenues are also climbing considerably, with average revenue per available room at $298.40, up 13.8 percent so far this year compared to 2023.
They’re all strong signs of the resilience of the industry, which has largely outperformed most tourism destinations around the world.
STR’s data looked at 2,092 hotels in the broader Caribbean Basin, comprising 281,131 rooms, the company told Caribbean Journal.
Indeed, Caribbean tourism continues to perform very well, a trend that is touching just about every destination in the wider region, according to a recent report from Caribbean Tourism Organization.