Exorbitant room rates could damage tourism revival

Wednesday, June 15, 2022

In the past year, i.e. 2021, rates of hotel rooms have ascended due to demand which now might hold back tourism’s success in the middle of continuous inflation, the officials of state tourism said recently.

The tourism-marketing agency of Visit Florida celebrated record number of tourists in the first-quarter while meeting in Orlando, last week, the board members and staffs have also showed their anxiety that the rising cost of the hotel rooms is impacting the occupancy rates in a slow manner.

The Visit Florida director of consumer insight and analytics, Jacob Pewitt Yancey, said that in the last few weeks, they are seeing inflation actually have started getting on us in maximum markets.

Pewitt Yancey said that now, the room revenue in general is still quite high in markets in the state due to the fact that growth in rates has been more than enough to conquer the level of demand which has decreased. He has also mentioned that we’re now entering into a time frame where that may not be able to stay true any longer.

All over the country, hotel occupancy has slowed after the Memorial Day, as per STR, Inc., which furnishes hotel information.

During May 29 to June 4th, STR did not show any of the best performing 25 U.S. markets with occupancy increases in the same time 2019, prior to the pandemic. All over the country, occupancy was at 63.2 percent.

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