THE 14-property Nassau/Paradise Island hotel industry last night reported an 8 per cent year-over-year room revenue increase for March 2012, with average daily room rates (ADRs) and occupancies both up on 2011 levels.
A joint release from the Ministry of Tourism and Bahamas Hotel Association (BHA) recorded that the 14 New Providence properties saw average occupancies rise from 80.1 per cent in 2011 to 84.3 per cent in March 2012, with ADRs for the month up year-over-year by $8.44 to $283.35. Room nights sold were ahead 4.8 per cent.
The key indicator of hotel performance, revenue per available room (RevPAR), stood at $238.97 for March 2012, up from $220.31 last year. RevPAR was also up for the first two months of 2012 compared to the same periods in 2011, and for the 2012 first quarter stood at $181.46, compared to $168.23 last year.
Nine of the 14 hotels experienced revenue increases in March 2012, with four of them showing double digit increases compared to last year. 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.
The 2012 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, with room nights sold and room revenue up by 8.2 per cent and 9.1 per cent, respectively.
The Ministry of Tourism/BHA sad the 2012 first quarter performance finished with all but two of Nassau/Paradise Island's 14 properties registering increased revenues. Of the 12 properties with increased revenues, seven saw these revenue surpluses generated primarily through double digit increases in room nights sold.
"We are encouraged by the year-over-year results, [but] are still constrained by international competitive pressures on room rates and hope to see revenues return to pre-recession levels soon." said BHA president, Stuart Bowe.
Comparative figures for March 2008 show an 81.2 per cent occupancy and $315.41 ADR, indicating that while the Nassau/PI hotel industry is now ahead on occupancy, this has come - to some extent - at the expense of rates. They are still well behind 2008.
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 2008 first quarter 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.