Hotel Room Revenue Down 4.8% For 2003
Daily room rate increase of 5.1% offset by drop in resort occupancy levels.
Hotel room revenue for the entire Bahamas fell by 4.8 per cent compared to 2002 levels for the year to December 3, 2003, dropping to $316.783 million from $332.899 million, an indication that weaker occupancy levels were offsetting some firming in prices.
Statistics published by the Ministry of Tourism showed that the average daily room rate for the Bahamas was $163.97 for the year to December 3, an increase of 5.1 per cent over 2002, which had an average room rate of $155.97. The average room occupancy level stood at 59.6 per cent for 2003, though, compared to a 62 per cent occupancy average for the year-before period.
The Nassau/ Paradise Island hotel industry contributed $268.199 million to overall room revenue for the first 11 months in 2003, with an average daily room rate of $187.68 and average occupancy level of 66.7 per cent. Both figures fell short of 2002 levels.
Grand Bahama generated $35.257 million in room revenues withan average daily room rate of $83.95. The latter represented an increase of 3.1 per cent over 2002 levels for the same period, which stood at $81.46. The average occupancy level for the 2003-year to date stood at 48.5 per cent, though a decrease of 6.3 per cent, having fallen from 54.8 per cent in the 2002 period.
Meanwhile, room revenue in the Family Islands fell by 10.1 per cent - from $14.817 million in 2002 to $13.326 million in 2003. Average room rates stood at $160.74, only a slight decrease over the 2002 level. Occupancy levels increased slightly to stand at 35.5 per cent for the 2003 period.
Source: Yolanda Deleveaux, The Tribune