WILLEMSTAD - The hotel sector in the Caribbean continues its path to recovery. The most recent data reveals that hotels in the region have been steadily improving their performance in July of this year.
STR, the organization that collects, tracks, and analyzes these statistics, reports that the average room occupancy for hotels across the entire Caribbean region in July 2023 reached just over seventy percent, compared to 66 percent in July 2022.
For the first seven months of 2023, hotels in the Caribbean have reported growth in their average room occupancy, rising from 62 percent in 2022 to nearly seventy percent by the end of July 2023.
These figures are based on a sample of 324 hotels in the Caribbean, which represents sixteen percent of all hotels in the region.
Regarding the average daily room rate, it increased for all hotels in the Caribbean by almost thirteen percent, rising from $281 USD in July 2022 to $317 in July of this year.
Hotels in Curaçao achieved an average room occupancy of nearly 72 percent in July, a slight increase compared to the 70 percent in July 2022. The sample for Curaçao includes fifteen out of the 41 hotels, accounting for 37 percent.
The hotels in Curaçao experienced a nearly ten percent growth in revenue per room, going from $211 in July 2022 to $232 this year.
Revenue per room for Curaçao hotels increased by over eight percent in the first seven months, from $213 in 2022 to $231 in the first seven months of 2023.
These data points reflect a positive trend in the Caribbean hotel industry, demonstrating the region's continued recovery after the challenges of recent years.