Occupancy rates and revenues increased for Metro Orlando hotels last month, keeping pace with a national trend.
Central Florida hotels have seen a steady climb in occupancy since 2010, according to the latest statistics from STR, a data and analytics company that tracks the hotel industry.
Orlando hoteliers witnessed a 2.6 percent increase in November occupancy with 72.4 percent this year compared to November of 2015. Nationally, hotel occupancy rates ran at 60.7 percent last month. In 2010, Orlando hotel occupancy rates in November were 60.3 percent and had climbed each year steadily. Occupancy rates are determined by the number of rooms sold divided by the rooms available.
Revenues also jumped by 6.8 percent from $279 million to $330 million. That is coupled with an increase in average room rates from $108.93 last November to $112.29 this year. Nationally, room rates averaged $119.71 for the month.
“November results were definitely stronger than expected, but the month will likely end up as an outlier,” said Brad Garner, STR’s senior vice president for client relationships. “Part of the performance can be attributed to a calendar shift. This month included a Tuesday and Wednesday in comparison with a Sunday and Monday in 2015. Performance on those days in 2016 was quite a bit higher, which is to be expected as Sunday is historically the lowest performing day of the week.”