Orlando visitors will pay about 5 percent more this year to stay in the City Beautiful, according to 2015 hotel industry projections.
STR, a company that tracks supply and demand for the hotel industry domestically and internationally, released 2015 projections Thursday during a Central Florida Hotel and Lodging Association event.
This year’s expected increase of 5.7 percent is similar to the 5.9 percent increase in hotel costs seen in 2014, said Chris Crenshaw, STR’s vice president for strategic development.
Orlando’s occupancy rate also is forecast to increase this year, by 2.4 percent. That’s despite a 1 percent rise in rooms available for booking.
RevPAR, a metric that determines the revenue made per available room, gives Central Florida hotels a way to compare themselves with other properties, even if they do not have the same number of rooms.
Orlando hoteliers can expect an 8.3 percent increase in revenue per room during 2015, following a 10.7 percent increase in 2014, Crenshaw said.
“The difference was last year we had a much larger growth in occupancy,” he said.
Even though Orlando’s 2015 projected increase in room revenue is less than last year, it’s still above the national average of a 6.4 percent increase, said Crenshaw.
Orlando ranks as the nation’s No. 8 market for RevPAR growth, sandwiched between San Francisco and Dallas, said Crenshaw.
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