SYRACUSE, N.Y. — Onondaga County hotels posted a slight rise in occupancy in August, while two other benchmarks of business performance increased much more. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county edged up 2.4 percent to 76.5 percent in the eighth month of this year compared to August […]
SYRACUSE, N.Y. — Onondaga County hotels posted a slight rise in occupancy in August, while two other benchmarks of business performance increased much more.
The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county edged up 2.4 percent to 76.5 percent in the eighth month of this year compared to August 2022, according to STR, a Tennessee–based hotel market data and analytics company. Year to date, occupancy was up 4.8 percent to 61.6 percent.
Revenue per available room (RevPar), a key industry gauge that measures how much money hotels are bringing in per available room, jumped 13.1 percent to $115.71 in Onondaga County in August from a year prior. In the first eight months of 2023, RevPar was 13.2 percent higher to $79.46.
Average daily rate (or ADR), which represents the average rental rate for a sold room, moved higher by 10.5 percent to $151.28 in August versus the year-earlier month. For the period between Jan. 1 and August 31 of this year, ADR was up 8.1 percent to $128.92, compared to the same timeframe in 2022.
