March Hotel Statistics Indicate Upward Trend
According to preliminary statistics released by the Bahamas Hotel Association and The Bahamas Ministry of Tourism, the 14-major New Providence hotels recorded an 84.3% occupancy rate for March 2012 compared to 80.1% in March 2011. Room revenue increased by 8% along with a 4.8% increase in room nights sold. The March 2012 average daily room rate (ADR) of $283.35 represented an increase of $8.44 compared to March 2011.
Nine of the 14 hotels experienced revenue increases in March, with four of them showing double digit increases compared to March 2011. Four properties achieved increased revenues through increases in ADR and room nights sold, three through increases in ADR only and two other properties through increases in room nights sold.
“We are encouraged by the year over year results, however, are still constrained by international competitive pressures on room rates and hope to see revenues return to pre-recession levels soon.” according to BHA President Stuart Bowe.
The First Quarter ended with a 71.2% occupancy rate compared to 66.6% last year. The ADR was $254.77 compared to $252.71 with the room nights sold and room revenue increasing by 8.2% and 9.1% respectively. The First Quarter performance finished with all but two properties registering increased revenues. Of the twelve properties with increased revenues, seven saw these revenue surpluses generated primarily through double digit increases in room nights sold.
Comparative figures for March 2008 show an 81.2% occupancy and $315.41 ADR. Room nights sold along with room revenue in March 2012 were 1.1% and 11.2% below 2008. Comparative figures for the First Quarter 2008 show a 73.7% occupancy and $282.04 ADR. Room nights sold along with room revenue for January to March 2012 were 6.1% and 15.2% below 2008.business, hotels, tourism, travel