San Francisco, Miami Lead August Hotel Rate Increases
The average daily hotel rate in August increased by 4 percent year-over-year in the Americas region, according to statistics provided by STR and STR Global. That was accompanied by a 2.3 percent rise in occupancy and a 6.4 percent increase in revenue per available room. Rate hikes were steepest in San Francisco, which increased by 13.9 percent, to $205.01, and Miami, which grew 10.6 percent, to $139.29. Vancouver reported the highest occupancy growth in the region, with a 7.6 percent gain. Four markets reported RevPAR gains in the double digits: San Francisco (up 16.7 percent); Miami (up 14.8 percent); San Juan, Puerto Rico (up 13.4 percent), and Los Angeles (up 10.4 percent). On the other side of the spectrum, Panama City, Panama, suffered the steepest decreases: a 13.6 percent drop in occupancy, a 6.4 percent decrease in ADR and a 19.1 percent RevPAR descent.