Hotels in Onondaga County were less full in July compared to a year ago, according to a recent report. The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county declined 5.5 percent to 64.9 percent in July from 68.7 percent in the year-ago month, according to STR, a Tennessee–based hotel […]
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Hotels in Onondaga County were less full in July compared to a year ago, according to a recent report.
The hotel occupancy rate (rooms sold as a percentage of rooms available) in the county declined 5.5 percent to 64.9 percent in July from 68.7 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. Onondaga County’s occupancy rate has now declined four months in a row and 10 of the last 12 months.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, fell 6.7 percent to $65.43 this July from $70.13 in July 2016. RevPar in the county has also dropped in four straight months and eight of the last 10 months, per STR.
Average daily rate (or ADR), which represents the average rental rate for a sold room, dipped 1.2 percent $100.89 in July, compared to $102.14 a year earlier.
A factor that may be contributing to Syracuse’s slumping occupancy rate and RevPar statistics is the increase in supply of hotel rooms in the market in the last year with two major projects adding nearly 400 rooms, alone. That includes the opening of the 134-room Aloft Syracuse Inner Harbor hotel last July and the reopening of the former Hotel Syracuse as the 261-room Marriott Syracuse Downtown last August. A number of other hotels have also opened in the county in the last three years