May 6, 2013
It’s high time Boston got some good news: The Boston Business Journal is reporting that Greater Boston’s hotel occupancy levels in March rose to their highest marks since 2005 due to an increased number of gatherings at the Hynes Convention Center, according to the latest PKF Consulting survey.
The 90 hotel operators in the PKF Trends in the Hotel Industry sample for the region achieved an average 75 percent occupancy at a $168.16 ADR with a resulting $126.19 RevPAR. These performance levels represented an occupancy increase of 3.6 percent, a 1.7 percent increase in ADR, and an overall 5.3 percent rise in RevPAR compared to March 2012.
The March 2013 performance for Greater Boston hotels achieved the highest ADR since 2008, and highest RevPAR since 2007. The best March for the region over the last eight years was 2007, with a RevPAR of $127.82.
RevPAR increases were primarily driven by occupancy growth in the Back Bay, Cambridge, and Downtown submarkets. The Back Bay achieved an occupancy gain of 13.5 percent, thanks to four conventions in March compared to two a year ago. Conversely, the Route 128 submarket witnessed RevPAR gains primarily driven by ADR growth. The Route 128 submarket had an ADR growth of 5.3 percent in March 2013.
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