Greater Boston’s hotels achieved a nearly 79 percent occupancy rate in April, driven by the Boston Marathon, a survey said.
Thomas Grillo
Real Estate Editor- Boston Business Journal
Greater Boston’s hotels achieved strong results in April fueled, in part, by the Boston Marathon, according to a new survey by PKF Consulting USA
, a division of Colliers International.
The 94 hotel operators in the sample for the Boston area averaged 78.7 percent occupancy at a $191.11 average daily rate (ADR) with a resulting $150.42 revenue per available room (RevPAR). These performance levels represented an occupancy gain of 0.8 percent, a 10.2 percent increase in ADR, and an overall 11.1 percent rise in RevPAR compared to April 2011.
April’s RevPAR increases were driven by growth in ADR in all six submarkets. Downtown and Cambridge led ADR gain at 12.1 and 10.8 percent increases, respectively. Route I-495 submarkets experienced decreases in occupancy, while generating increases in ADR.
April’s performance was the highest in occupancy, ADR, and RevPAR since 2009. The best April for the greater Boston area hotels in the last six years was 2006 with a RevPAR of $161.88.
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