It was a very strong March for the Caribbean hotel industry, according to the newest data from hotel analytics firm STR.
Hotel occupancy was 76.4 percent last month, a sizable 7.3 percent jump over March 2023 — a very strong sign even in what is generally one of the strongest months of the year.
Average daily rates rose by 14.1 percent to $455.23 in the region, while revenues saw a whopping 22.4 percent increase in the same period, with an average of $347.86, according to STR.
It’s more evidence of a trend that most destinations are reporting across the Caribbean: travel demand continues to be strong in the Caribbean, and travelers keep flocking to the region.
For the year, hotel occupancy is up 4.8 percent to 74.3 percent, with rates up 11.4 percent to $424.20 and revenues rising 16.8 percent to $315.08.
STR’s data surveyed 2,100 different hotels comprising 282,438 rooms in the broader region.
The Caribbean’s strong hotel performance comes ahead of next month’s all-important Caribbean Travel Marketplace conference, the region’s biggest tourism gathering, organized by the Caribbean Hotel and Tourism Association. You can find more about Marketplace here.