Charleston Hotel Industry Continues to Succeed
Great news for Charleston’s hotel industry! Thank you to the Charleston Visitors Bureau for sending us this report.
Impressive Year-to-Date Hotel Numbers
August has historically seen visitation drop off noticeably around the middle of the month. This decrease has generally coincided with school start dates across South Carolina and our adjacent states. This year we did not see the decrease that we’ve come to expect, which resulted in a very strong August and equally impressive year-to-date numbers. In fact, Charleston County hotels sold approximately 18,500 more roomnights in August 2014 than in August 2013!
Every submarket saw increases in room nights sold, occupancy, ADR and RevPAR. The county realized a 5.4% increase in room nights sold, which netted a 5.2% increase in occupancy of 76.4%. The average daily rate increased by 8.9% to $134.10, while RevPAR increased an impressive 14.5% to $102.48. The Charleston and North Charleston submarkets enjoyed double digit percentage growth in room nights sold, while East of the Cooper turned in a fourth consecutive month of double digit growth in ADR.
Year to date, countywide room nights sold are up 4.2%, occupancy is up 4.1% (76.9%) and the ADR is up 6.4% to $137.02. This yielded an impressive 10.8% increase in RevPAR of $106.75. Charleston County has now had year-over-year ADR increases for 44 consecutive months and RevPAR increases for 25 out of the last 26 months.