Year-to-date hotel sales up 9.3% totaling $79.4 million in revenue
(Virginia Beach, Va., June 23, 2014) – The Virginia Beach hotel industry reached record-breaking revenue for the first five months of 2014 (January – May), according to data released from Smith Travel Research (STR).
Year-to-date hotel sales through the end of May increased 9.3 percent, generating approximately $79.4 million in revenue. That’s substantially higher than 2012 – a record-setting year for hotel sales in Virginia Beach – which totaled approximately $76 million during the same five months. Hotel sales in 2013 for the same period were about $72.7 million in the STR report.
“Across the board, 2014 has been a very strong year for Virginia Beach’s travel and tourism industry so far,” said Virginia Beach Convention & Visitors Bureau Director James B. Ricketts. “We will continue to focus our efforts on promoting leisure, sports marketing, business travel, as well as meetings and conventions year-round. Already, more than 60 percent of our visitors arrive during our shoulder season from September through May. We are excited about our future growth prospects.”
In year-to-date measurements compared to 2013, Virginia Beach’s hotel occupancy increased 5.3 percent. Average daily rate (ADR) increased 3.5 percent to $94.47, and revenue per available room (RevPAR) was up 9 percent to $46.15. May, in particular, produced strong gains for Virginia Beach’s hotel industry. STR reported double-digit hotel sales increases, jumping 12.5 percent. May occupancy increased 6.4 percent to 64.8 percent while ADR increased 4.4 percent for the month at $118.24. RevPAR for the month also was up significantly by 11.1 percent to $76.63.
As the second largest revenue generator in Virginia Beach, tourism is a driving force for the City’s economy, creating jobs and generating economic impact. In 2012, tourism revenue for Virginia Beach reached $1.28 billion. Local tourism-supported jobs totaled 12,025 while local and state tourism-related tax revenues were over $100 million. The Virginia Beach CVB is responsible for promoting year-round leisure, meetings and convention business, and international travel to Virginia’s most populous city.