Caribbean hotel room rates rising

Rates push past average of $228 per night
Hotel room rates in the Caribbean keep on rising, reaching an average of $228 (€205) per night last year, new research has found. And prices may increase another 5% this year.
The 2015 average was an increase of around 4.7%, underlining the increasing demand for the region, which is seen as a safe haven largely immune from the threat of terrorism.
The average daily rate continues the upward trend that in 2014 saw prices increase to a point not seen since the economic crash in 2007-08, when average rates were around $200.
US-based research company STR, which is predicting an average price rise this year of around 5.1%, revealed the data, with its client services director Newton Kam saying: “This year is going to continue on the same path, although we think demand will soften a little.”
The falling stock market and troubles in the oil industry will affect confidence, Kam explained, although softening demand would be balanced by a lack of supply at some times of the year.
STR estimates there are almost 10,000 new hotel rooms under construction or being planned in 49 properties throughout the Caribbean, a figure still below that of 2009. It says the Caribbean has 230,000 rooms in total.
TTG Digital

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