Hotel Benchmarking in the Caribbean
Hotel benchmarking provides hoteliers with the necessary data to measure and analyze their hotel’s performance against industry competitive sets. That data also helps hoteliers determine where and when property improvements are needed as well as precisely understand market share gains and losses. Data provided through benchmarking allows hoteliers to quickly identify market trends that assist in sales and marketing decisions.
As of August 2017, STR, Inc. collected data from and reported collective results of more than 2,000 properties and 250,000 rooms in the Caribbean hotel market. STR data is confidential to individual properties and companies and is publicly used only in rolled-up competitive set and market reports.
Year-to-date, Caribbean hotels have experienced positive year-over-year results in each of the three key performance metrics. Year-to-date occupancy in the Caribbean has increased 0.7 percent to 70.4 percent; average daily rate is up 1.2 percent to US$212.97; and revenue per available room has risen 1.9 percent to US$149.93.
In addition to those year-to-date increases, Caribbean hotels have reported year-over-year percentage growth in occupancy, ADR and RevPAR for 5 consecutive months.
STR pipeline reports show more than 5,200 rooms in the In Construction phase in the Caribbean. Rooms in the Final Planning and Planning stages bring the total number of rooms Under Contract in the Caribbean to more than 16,700. For more information on STR products, please contact:Fatima Thompson, Associate Director for Business Development – Hotels, fthompson@str.com.