Only the Central Orlando submarket showed an increase in room rates, rising to $62.53 per day from $61.30. This pocket also increased occupancy to 53.2% from 48%.
The entire Central Florida market comprising 110,000 rooms had occupancy of 58.5%, up from 53.4% a year ago, but had to lower average room rates to $82.94 per day from $87.68. "It still comes down to a question of supply and demand," Robin L. Webb, vice president/managing broker and a hotel industry specialist at Arvida Real Estate Services Inc. in Winter Park, FL tells GlobeSt.com.
International Drive, the most-heavily trafficked tourist artery in Orlando with 40,000 rooms, posted occupancy of 56.6%, up from 54.5%. Rents dipped by 2.3% to an average $78.66 per day from $80.50.
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