"The month of July was fantastic for the City of Boston," says Boston Redevelopment Authority director Mark Maloney. "The trends over the past few months give us every reason to be optimistic that Boston's tourism industry is on the upswing."
According to the Pinnacle Advisory Group, the occupancy rates for this past July were 83%, up from 80% last July. Matthew Arrants of Pinnacle tells GlobeSt.com that while those numbers are respectable, it is the 33% increase in RevPAR that is really impressive. Arrants notes that while last July the average room rate was $142, this July that number shot up to $184, a nearly 27% increase.
Arrants says that the last time the city experienced a comparable increase in the monthly average rate was in September 1999 when it hosted the Ryder Cup. Then, the rates were 20% over the previous year.
In addition to the DNC last month, the city also hosted the Trial Lawyer's convention, Mac World and the SAP convention. "This is indicative," adds Arrants, "of the impact strong convention demand can have on the market."
Pinnacle's report further indicates that the year-to-date numbers are also strong. For the seven-month period measured, occupancy rates were up by 7% and REvPAR was up by nearly 15%.
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