2024 Q1 Hotel Occupancy Update

Quarterly Hotel Update, as of April 2024

2024 Continuing to break records in demand for overnight accommodation!!!

Central Counties Tourism collects aggregated quarterly hotel data from Smith Travel Research (STR) for the available properties within our region, and each quarter, share those metrics with you.

The first quarter of 2024 hotel stats are in, January – March 2024, and we are happy to report that those numbers consistently continue to surpass the 2019 (pre-COVID) figures and break records, indicating strong and growing demand for overnight hotel accommodation in the region, and a recovery from COVID-19. In this update, we continue to focus on Occupancy percentages in 2024, 2024 vs 2019, and 2024 vs historic values for annual and quarterly data.

2024 Q1 Occupancy Key Highlights:

The table below shows occupancy % levels for the following comparisons: 2024, 2019, 2024 vs 2019, 2024 vs the average of pre-COVID years (2017-2019), the max occupancy % (YEAR), and 2024 vs the max occupancy values.

  • 2024 Year-To-Date Data
    • Overall, the data indicates that demand for overnight hotel accommodation into the region is back at pre-COVID levels, and has consistently set records since February (though January 2024 was only 0.74% below the January’s record in 2018).
    • Occupancy % YTD (Jan-Apr) is a 4.5% increase from 2019, and the highest reported % occupancy at 70.7% for CCT since collection started in 2017.
  • 2024 Quarterly Data
    • Historically, Q1 (January-March) is the region’s off-peak season with the lowest occupancy percentages vs the other quarters, though occupancy for Q1 2024 was 4.2% higher than in 2019 and has the highest occupancy % since reporting (in CCT) started in 2017.
  • 2024 vs Average pre-COVID years (2017-2019)
    • While we often compare the current year to 2019, pre-COVID, comparing the average for pre-COVID years 2017-2019 gives us a better indicator of pre vs post-COVID levels. Each month’s occupancy % in 2024 has been higher than the average pre-COVID year, further validating that demand for overnight hotel accommodation is growing, and that our region has returned back to normal levels.

The other hotel variables (Revenue, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR)) are also up and actually are the highest in our reporting history; however, these numbers are significantly impacted by inflation, making Year-Over-Year direct comparisons problematic, especially to pre-COVID years. Figures are included below, nonetheless.

  • Q1 2024 Total reported Hotel Revenue into the region’s participating properties grew by 55%!
  • Q1 2024’s Average Daily Rate (ADR) was up by 26% from $129.20 to $162.27
  • And lastly, Q1 2024 Revenue per Available Room (RevPAR) increased by 34% from $83.22 to $111.53

Click on the regional hotel reports below to see the Occupancy, Revenue, Average Daily Rate and Revenue Per Available Room for:

For further assistance in identifying your target markets, please contact Tom Guerquin, Manager of Research & Development at Central Counties Tourism.

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