Caribbean room rates still below 2007 levels

Hotel rooms still cheaper than before financial crisis

Hotel rooms in the Caribbean are still cheaper than before the financial crisis, despite occupancy returning to pre-crash levels, writes TTG Digital’s Gary Noakes in Montego Bay.

Data revealed at Caribbean Travel Marketplace in Jamaica showed that average room rates in November throughout the Caribbean region were $180, up 5.2% year-on-year. That compares to more than $200 before 2007-8.

“We are expecting that it will be another 12-18 months before the market recovers to the peak,” Steve Hennis, director of the US-based research firm STR Analytics, said.

He added that hotel occupancy was currently 68-69%, slightly ahead of 2007-8 and “very strong” given the Caribbean’s seasonality. But occupancy will probably grow at only 2% this year and 1% the next.

The trend is clearly upwards, however. Dominican Republic, St Lucia and the British Virgin Islands have already reached pre-2007 levels and Jamaica is showing strong growth, recording two million visitors for the first time in 2013.

TTG Digital

[pictured: Sandals Royal Caribbean Resort; courtesy Sandals Resorts International]


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