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Tuesday, Jul 23, 2024

San Diego Hotels: Half-Time 2017 Performance Scorecard

So how did San Diego County hotels fare in the first half of 2017?

Numbers now in, from research firm STR, point to continued healthy growth over a year ago in most of the major metrics for the January-through-June period, with total revenue rising 7.1 percent to more than $1.35 billion.

Other measures point to still strong post-recession performance for the local market, with positive trends now more than six years running with the help of a nationwide tourism economy that remains generally robust.

San Diego’s hotel occupancy rate in the first half was 77.8 percent, up 1.3 percent from the year-ago period, and the average daily room rate was $157.11, a 4.6 percent increase. Revenue per available room (RevPAR), came in at $122.24 – a 6 percent improvement.

Even with new rooms gradually coming online and more hotels in the local construction pipeline, room supply and demand – for now at least – remains in a favorable balance for hotel operators.

STR reported that total room-night supply in the first half reached just over 11 million, up 1.1 percent from a year ago. But room-night demand (room nights booked), rose 2.4 percent, to more than 8.6 million for the six-month period.

Local growth rates are generally running ahead of national figures for most of the key metrics. U.S. hotels overall saw total revenue rise 4.9 percent in the first half, to more than $75.7 billion. The U.S. occupancy rate was 65.4 percent (up 0.7 percent), the average daily rate was $126.01 (up 2.3 percent), and RevPAR was $82.35 (up 3 percent).

Nationwide room-night supply in the first half topped 920.2 million (up 1.8 percent), and room night demand surpassed 601.4 million (up 2.5 percent).


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