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.
Other submarkets that posted positive occupancies were North Orlando, 51.8%, up 1.2% from 51.2%, but down in rents by 3.3% to $61.75 per day from an average $63.86; East Kissimmee, 51.6%, up 15.2% (44.8%) with a 3.9% drop in rents to $55.85 ($58.09; South Orlando, 56.8%, up 12.3% (50.6%), with a 1.7% decline in rates to $64.98 ($66.08); and West Kissimmee, 52.1%, up 9.2% (47.7%) but a slippage of 4.1% in rents to $61.73 ($64.35).
The 2,000-member Central Florida Hotel Motel Association is changing its name April 4 to the Central Florida Hotel & Lodging Association.
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