Greater Boston hotels achieved the best results since 2007.
Thomas Grillo
Real Estate Editor- Boston Business Journal
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Hotels in Greater Boston said a surge in leaf peepers, conventioneers and Boston Red Sox playoff fans resulted in their best October in six years, according to a new survey.
The 96 hotels that participated in the survey by PKF Consulting USA reported an average 88 percent occupancy rate for the month and an average daily room rate of $238.45. Those factors combined to generate revenue per available room (RevPAR) of $209.91 in October.
Those performance levels compared favorably to October 2012 numbers: occupancy was up 5.6 percent year-over-year, while ADR was up 8.6 percent. RevPAR in the most recent period was up 14.7 percent compared to October 2012.
According to PKF, all submarkets did well and had increases in occupancy of at least 3.9 percent. The Route 495 South submarket led the occupancy gain in the suburbs with a 9.4 percent increase, while Cambridge achieved the largest occupancy increase of 8.2 percent within the urban core.
In addition, all submarkets experienced increases in ADR of at least 3.1 percent. The Route 128 submarket led the ADR growth in the suburbs with a 10.8 percent increase, and the Back Bay submarket achieved the largest ADR increase of 10.3 percent in the downtown area. The Back Bay submarket also achieved the highest occupancy among all submarkets of 91.5 percent.
PKF said October 2013’s performance marked new highs in occupancy, ADR and RevPAR since 2007.
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