. October Hotel Rates Rise in Most Global Locations | Meetings & Conventions

October Hotel Rates Rise in Most Global Locations

 Average daily hotel rates increased year-over-year for the month of October in every region except for Asia Pacific, according to data released by STR Global. In the Americas, a 3.9 percent gain in average daily rate combined with a 2.4 percent rise in occupancy to result in a 6.4 percent boost in revenue per available room. The largest rate increases occurred in San Francisco (up 9.6 percent, to $206.57) and Chicago (up 8.4 percent, to $146.74). In Europe, rates rose by 6.1 percent for the month. "The positive news across the European hotel market is the solid performance of average daily rates," noted STR Global managing director Elisabeth Randall Winkle. "ADR benefitted from strong European demand, in terms of number of occupied rooms, which stands at historic high levels and continued to increase 1.4 percent for October." In the Middle East/Africa region, rates grew even more steeply, by 9.4 percent. In Asia Pacific, however, rates nudged down by 0.6 percent. That slight decrease was accompanied by a 0.2 percent dip in occupancy and a RevPAR drop of 0.8 percent. That said, four markets in the region reported double-digit increases in average daily rate: Jakarta, Indonesia (up 21.4 percent); Tokyo (up 20.9 percent); Taipei (up 14.4 percent) and Bali, Indonesia (up 11.7 percent).