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Caribbean hotel occupancy takes hit in July

Staff Writer | August 26, 2016
Caribbean hotel occupancy in July registered 70.8%, a 5.4% slide from the same month in 2015, according to lodging-research firm STR.
Caribbean hotel
Hospitality   A decrease of 3.7%
June occupancy rates, meanwhile, dropped 6.1% over June 2015. Daily rates in July averaged $187.65, down 6.9% from July 2015.

Thus far in 2016, Caribbean hotel occupancy is at 70.2%, a decrease of 3.7% over the same period last year, according to STR whose data covered 240,407 rooms in 1,928 hotels in the region.

STR’s July 2016 Pipeline Report indicated 28,417 rooms in 174 projects under contract in the Caribbean/Mexico region, a 2.4% decrease as compared with June 2015.

Projects under construction total 80 properties comprising 12,960 rooms, 3.1% decrease in year-over-year comparisons.

Key markets include central Mexico with 4,151 rooms in 32 hotels under construction, followed by the Dominican Republic (1,512 rooms in six hotels) and Mexico’s Yucatan peninsula (1,497 rooms in eight hotels).