SYRACUSE, N.Y. — Onondaga County hotels generated substantial growth in business activity in May in three different benchmarks, according to a recent report.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 6.6 percent to 63.5 percent in the fifth month of the year compared to May 2022, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, occupancy was up 6.9 percent to 56.1 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, leaped 17.6 percent to $93.05 in Onondaga County in May from a year prior. In the first five months of 2023, RevPar was up 17.5 percent to $69.11, compared to the same period in 2022.
(Sponsored)
Keeping Your Firm Secure on the Road to Digitization
By Dan Hernborg Sales Engineer With the looming threat of a potential recession and economic downturn, many professional service firms are looking to reduce costs and increase efficiency in preparation.
The Influence of Economic Uncertainty on Business Value
Businesses face uncertain conditions today, including geopolitical and cybersecurity risks, inflation concerns, environmental issues, and a lack of clarity about future tax laws and interest rates. Here’s an overview of
Average daily rate (or ADR), which represents the average rental rate for a sold room, jumped 10.3 percent to $146.53 in May compared to the year-ago month. For the period between Jan. 1 and May 31 of this year, ADR was up 9.9 percent to $123.09 versus that same timeframe in 2022.
