Hotel occupancy rate rebounds in February
The hotels of Central Florida topped the 80 percent mark for occupancy rates in February, according to a company that tracks the hospitality industry. That represents a 2.8 percent increase from February 2016 in the market.
The 81.6 percent occupancy rate recorded in February was the highest monthly figure since March of last year, according to the report released by STR. This February’s occupancy rate showed a recovery from a nearly 4 percent dip last February, and it approached the 2015 level of 82.6 percent.
Part of the increase could be attributed to an expansion of festivals at Orlando’s theme parks, including the new Epcot International Festival of the Arts at Walt Disney World and the Seven Seas Food Festival at SeaWorld Orlando. Universal’s Mardi Gras celebration, which kicked off Feb. 4, switched to a nightly rotation this year, a change from its schedule that had concentrated on weekend entertainment. Another factor: Room supply had increased in 2016 relative to the previous year, allowing a slip in the occupancy rate at the time.
February’s occupancy rate also topped the figures for January, which sported a 75.1 percent rate.
The national occupancy rate for February 2017 ticked downward 0.5 percent year-over-year to 61.2 percent.
February’s demand for rooms in the Central Florida market, defined as Orlando, Sanford and Kissimmee, was up 3.9 percent over last year. Demand hit 2.81 million rooms, an increase from 2.71 million rooms in 2016.
The revenue per room for February 2017 was $110.03, an increase of 8.6 percent from 2016’s $101.35. Nationally, revenue was up 1.2 percent to $75.37 in February.
February’s demand for rooms in the Central Florida market, defined as Orlando, Sanford and Kissimmee, was up 3.9 percent over last year.