Tourists continue to fill rooms, however, at Walt Disney World inns and lodges in the retail-intense International Drive corridor of south Orlando.
Lake Buena Vista, FL hotels, largely dominated by Disney's 12 inns, was 70.7% full versus 70.2% occupancy last year at this time. International Drive hotels showed a 70.3% occupancy, second best after Lake Burena Vista, but still down from the 77.2% mark in August 1999.
While occupancy was up in the Disney area, room rates were down. The average nightly rate was $95.77 compared to $104.08 last year, an 8% decline. International Drive hotel rates, however, were up to an average $72.97 versus $69.93 a year ago, a 4.3% increase.
Central Orlando average hotel room rates jumped the highest of all the submarkets. The $62.34 rate was up 17.2% over $53.19 a year ago.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
