Thursday, August 30, 2012, 11:29am
Greater Boston hotels reported stable operating results for July 2012, according to PKF Consulting USA, a division of Colliers International
Occupancy slipped slightly in July from the same period a year ago, but hotel revenue rose, the latest survey from PKF found.
The 94 hotel operators in the PKF Trends sample for the Greater Boston area achieved an average 85.9 percent occupancy at a $187.09 average daily rate (ADR) with a resulting $160.71 revenue per available room (RevPAR). These performance levels represented an occupancy loss of 1 percent, a 14.3 percent increase in ADR, and an overall 13.1 percent rise in RevPAR for July, compared with July 2011.
RevPAR increases in July were primarily driven by growth in ADR in all six submarkets, except for the Route 495 South submarket, PKF said. Specifically, the Downtown, Route 128, Cambridge, and Back Bay submarkets all achieved ADR gain of more than 11 percent. Conversely, the Route 495 South submarket experienced RevPAR increases primarily from occupancy growth at 1.1 percent as opposed to an ADR loss of 2 percent.