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.