STR: Caribbean hotels see performance decline in 2016
 
STR: Caribbean hotels see performance decline in 2016
01 FEBRUARY 2017 12:13 PM

In 2016, the Caribbean hotel industry saw occupancy decline 2.3% to 66.7%, while ADR dropped 0.3% to $201.50 and RevPAR decreased 2.6% to $134.48 compared with 2015.

HENDERSONVILLE, Tennessee—The Caribbean hotel industry reported negative year-over-year results in the three key performance metrics for total-year 2016, according to data from STR.

Compared with 2015, the Caribbean’s occupancy decreased 2.3% to 66.7%, and average daily rate (ADR) was down 0.3% to US$201.50. As a result, revenue per available room (RevPAR) fell 2.6% to US$134.48. The absolute occupancy level was the lowest in the Caribbean since 2013 (66.7%).

“After a record year in 2015, Caribbean hotel performance slipped in 2016,” said Stephen Hennis, STR’s VP of consulting and analytics. "While many factors affected performance, the Zika outbreak and an active hurricane season were the primary issues behind declining demand. Meanwhile, a weakened exchange rate for European and Canadian currency resulted in a lack of ADR growth.”

February was the highest occupancy month of 2016 (77.0%), while the highest absolute ADR was reported in December (US$261.31). March produced the highest absolute RevPAR (US$196.56).

October was the lowest month of the year for occupancy (54.6%). September reported the lowest absolute values for ADR (US$142.65) and RevPAR (US$78.29).

STR’s census database shows more than 240,000 rooms in more than 1,900 hotels in the Caribbean. The number of rooms in the region grew by more than 2,700 since December 2015, marking the third straight year with supply growth above 1.0%.

North America Media Contacts:

Jeff Higley
VP, Digital Media & Communications
jhigley@str.com
+1 (615) 824-8664 ext. 3318

Nick Minerd
Public Relations Manager
nminerd@str.com
+1 (615) 824-8664 ext. 3305

The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editor-in-Chief Stephanie Ricca at sricca@hotelnewsnow.com.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.