Hotel occupancy reaches highest level in three years
With summer comes travel, and more business for Charlotte hotels than they have seen in years. Not just a product of vacation season, hotel rates in the Queen City are recovering much faster than that of the national and state averages. Occupancy rates reached a three-year high in May with more rooms sold that month than any in the past three and a half years as well as noting the sixteenth consecutive month of a rise in occupancy levels. The numbers speak for themselves – Charlotte’s hospitality recovery is on the rise.
- May occupancy was 66.1% in the Charlotte market, up 8.7% from May 2010 and the highest since May 2008.
- Occupancy is 60.9% for the year to date (YTD), up 6.8% from the same period last year. By comparison, YTD occupancy is up 5.2% in the U.S. and up 5.1% in North Carolina.
- 664,309 rooms were sold in the Charlotte market during May, up 10.6% from May 2010 and the highest number since October 2007. Year to date, demand is up 8.7% in Charlotte, up 6.1% in the U.S. and up 6.3% in N.C.
- Year to date, the Average Daily Rate (ADR) is $84.00 in Charlotte, up 3.4% from the same period last year. YTD ADR is up 3.3% in the US and up 2.4% in N.C.
“Charlotte’s travel and tourism industry is a cornerstone of our economy, and these numbers are a positive sign that people are more confident in spending their dollars in Charlotte.” said Bill McMillan, senior director of sales for Visit Charlotte. “A continued effort to attract these consumers and events is necessary to secure the continued growth of the hotel industry and the Charlotte economy as a whole.”
According to a recent report by the N.C. Employment Security Commission, our region’s biggest job growth this past year came from the leisure and hospitality sector.
The above data was compiled by Smith Travel Research. Monthly Barometer reports on Charlotte’s travel and tourism industry can be found at www.crva.com.