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Hotel occupancy rates in March continue upward

According to preliminary statistics released by the Bahamas Hotel Association and The Bahamas Ministry of Tourism, the 14-major New Providence hotels recorded an 84.3 per cent occupancy rate for March 2012, compared to 80.1 per cent in March 2011. 

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Date:
Updated:
TheBahamasInvestor.com
Wednesday, May 2, 2012
Wednesday, May 2, 2012

According to preliminary statistics released by the Bahamas Hotel Association (BHA) and The Bahamas Ministry of Tourism and Aviation (MOTA), the 14-major New Providence hotels recorded an 84.3 per cent occupancy rate for March 2012, compared to 80.1 per cent in March 2011.

Room revenue increased by 8 per cent along with a 4.8 per cent increase in room nights sold. The March 2012 average daily room rate (ADR) of $283.35 represented an increase of $8.44 compared to March 2011.

Nine of the 14 hotels experienced revenue increases in March, with four of them showing double digit increases compared to March 2011. Four properties achieved increased revenues through increases in ADR and room nights sold, three through increases in ADR only and two other properties through increases in room nights sold.


“We are encouraged by the year-over-year results, however, are still constrained by international competitive pressures on room rates and hope to see revenues return to pre-recession levels soon,” says BHA president Stuart Bowe.

The first quarter ended with a 71.2 per cent occupancy rate, compared to 66.6 per cent last year. The ADR was $254.77, compared to $252.71 in 2011, with the room nights sold and room revenue increasing by 8.2 per cent and 9.1 per cent respectively. The first quarter performance finished with all but two properties registering increased revenues.

Of the twelve properties with increased revenues, seven saw these revenue surpluses generated primarily through double digit increases in room nights sold.

Comparative figures for March 2008 show an 81.2 per cent occupancy and $315.41 ADR. Room nights sold along with room revenue in March 2012 were 1.1 per cent and 11.2 per cent below 2008. Comparative figures for the Q1 2008 show a 73.7 per cent occupancy and $282.04 ADR.

Room nights sold along with room revenue for January to March 2012 were 6.1 per cent and 15.2 per cent below 2008.

AGL Resources Inc (NYSE: GAS) today reported first quarter net income of $130 million, or $1.12 per basic share ($1.11 per diluted share), according to Reuters. AGL Resources owns Tropical Shipping, one of the largest containerized cargo carriers serving The Bahamas and Caribbean region.

Based in Nassau, Cloud Carib has become the only VMware (NYSE:VMW) solutions provider in The Bahamas to achieve Enterprise status in the VMware Solutions Provider Program.

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