According to a new report STR, the Caribbean hotel industry reported strong revenue-per-available-room increases year-to-date November 2012.
In year-over-year comparisons, the Caribbean rose 11.1 percent in RevPAR to US$113.24, average daily rate was up 3.8 percent to US$170.50 and occupancy increased 7.1 percent to 66.4 percent. Room revenue YTD 2012 rose 9.1 percent to US$8.4 billion.
Caribbean hotels reported the largest occupancy increase compared to Mexico (+3.1 percent), Hawaii (+5.3 percent), Florida (+3.1 percent) and Central America (-4.7 percent).
Demand in the region rose 5.1 percent through November; supply was down 1.9 percent.
According to STR's December 2012 pipeline report, there are 50 hotels with 9,495 rooms in the region's total active pipeline. In 2012, five hotels with 354 rooms opened in the region.
Panama-based Red Frog Beach Island Resort & Spa announced this week the resort's newest amenity, La Rosa Beach Club. The new addition features event and meeting spaces, a bar, a restaurant, a stunning waterfall and an infinity-edge pool.
Billionaire real estate developer and U.S. President Donald Trump, who once considered building luxury hotels in Cuba, is getting set to swing a sky-high verbal crane over the tiny Communist-governed nation.