Room Occupancy Rate Holds Steady Despite New Hotel Openings in Area : REAL ESTATE
The Orange County hotel market improved slightly during the first three months of the year, according to an accounting firm that tracks the health of the industry.
The occupancy rate for hotels remained steady during the first quarter at 67%, identical to last year’s first quarter rate, said the Newport Beach office of Pannell Kerr Forster.
The accounting firm saw that as “favorable” since several new hotels opened last year, which would have decreased the average occupancy rate if demand for hotel rooms had not remained relatively strong.
And room rates rose 5% during the quarter compared to last year, with the average daily room rate at $70.66 compared to $67.46 last year.
The strongest markets in the county were the John Wayne Airport/Newport Beach area and the Anaheim market, the company said.