The Nashville hotel industry led the nation in 2014 with a 15 percent rise in its average price paid per room, according to hotels.com
The city’s hotels averaged $164 per room for the year, up from the 2013 figure of $142.
Relatedly, Tennessee saw the nation’s highest increase in average price paid, with room rates rising from $113 to $123 (9 percent) for the year.
In contrast, the average price paid for hotel rooms worldwide and in the U.S. in 2014 increased 3 percent and 5 percent ($137), respectively.
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Nashville ranked No. 1 for hotel revenue per available room (RevPAR) and average daily rate (ADR) growth in October among the nation’s top 25 markets, according to information Hendersonville-based STR Inc. has released.
Specifically, Nashville RevPAR rose 23.4 percent (to $101.21) in October. Four other markets reported RevPAR increases of more than 15 percent and 14 of the Top 25 Markets reported double-digit RevPAR growth.
All of the top markets recorded ADR increases in October. Nashville (13.9 percent to $126.34) led the gains, followed by Denver (12.4 percent to $123.03) and San Francisco/San Mateo, California 12.3 percent to $244.24).
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The Nashville Convention and Visitors Corp. announced today that March marked the single-greatest number of hotel rooms sold in one month in the city’s history, surpassing October 2013’s record by nearly 7 percent.
According to Smith Travel Research (STR) numbers, more than 640,000 hotel rooms in Nashville and Davison County sold in March. Among the top 25 U.S. markets for March, Nashville had the second largest increases in rooms sold, average daily rate, revenue per available room and hotel revenue. Nashville was in the top five nationally for occupancy growth, the NCVC reported. (Read more here.)
The STR numbers for March show occupancy tax collections, a key indicator for performance in the hospitality industry, were $4.75 million, an increase of 33.9 percent over March 2013 numbers. Tax collections year-to-date are approximately $31.3 million, an increase of about 20.2 percent over year-to-date in 2013. Since December 2010, Nashville’s hotel occupancy tax collections have experienced 39 consecutive months of growth, the NCVC reports.
“Once again we are seeing unprecedented growth in Nashville’s hospitality industry,” Ed Hardy, chairman of the NCVC Board of Directors, said in a release. “As we set our fifth record for most rooms sold in one month, the numbers are reaching incredible heights.”
The strong March figures are tempered by below-projection numbers tallied since the fiscal year started on July 1. Of note, the Music City Center convention facility and the Omni Nashville Hotel had opened prior to that.
As Metro leaders were considering tax incentives for the Omni in 2010, Chicago-based consulting firm HVS projected that a 750-room headquarters hotel (Omni was built at 800 rooms) would allow the MCC to generate about 445,500 room nights during its first 12 months of operation.
However, from the start of the fiscal year through March, the MCC spurred only 115,448 room nights, according to the Nashville Convention Center Authority.
March 2014 hotel data for Nashville/Davidson County
* Nashville sold 641,932 hotel room nights during the month of March, an increase of 12.4% over March 2013
* Occupancy increased 7.2% over the previous year
* Average Daily Rate (ADR) increased 16.9% over the previous year
* Revenue per Available Room (RevPar) increased 25.3% over the previous year
* Hotel Revenue increased 31.4% over the previous year
* Supply increased 4.9% over the previous year
The Nashville Convention and Visitors Corp. (NCVC) announced today October marked the single-greatest number of hotel rooms sold in one month in the city’s history, according to Smith Travel Research.
In addition, the occupancy tax, a key performance measure for the hospitality industry, experienced nearly 20 percent growth during the first quarter of FY 2013-14, teh NCVC said in a release.
According to STR, Nashville sold 603,087 hotel room nights during October. Among the top 25 markets in the U.S. for October, Nashville had the largest increases in rooms sold, occupancy, hotel revenue and supply. Nashville also saw the second largest increase in revenue per available room (revPAR) and the fifth largest increase in average daily rate (ADR).
“These latest figures reflect Nashville’s continued strength as a destination city for leisure business and convention travelers,” Mayor Karl Dean said in the release. “Hospitality has always been a significant economic engine in our city, and it’s rewarding to see the results of our past investments.”
October hotel data for Davidson County (per STR):
• Nashville sold 603,087 hotel room nights during the month of October, an increase of 9.4 percent over October 2012.
• Occupancy increased 4.7 percent over the previous year
• ADR increased 8.8 percent over the previous year
• RevPAR increased 13.9 percent over the previous year
• Hotel revenue increased 19 percent over the previous year
• Supply increased 4.5 percent over the previous year
The NCVC announced in August that FY 2012-13 collections reached an all-time high of $36,937,635, representing an increase of 8.6 percent compared to 2012. June 2013 revenues totaled $3,998,945, marking the highest collections in one month, exceeding the previous all-time high by 8.3 percent (June 2012).
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