PETER CRANIS: Hotel Room Night Demand on the Space Coast Hits Record 2.68 Million in 2022
By Peter Cranis, Space Coast Office of Tourism Executive Director // February 4, 2023
Average Daily Room Rate came in at $136, which was also a new record
BREVARD COUNTY, FLORIDA – The Space Coast Office of Tourism receives weekly and monthly reports from STR that include Occupancy, ADR, RevPar, and Room Night Demand to track hotel lodging trends.
We also receive quarterly forecasting reports and Hotel Pipeline (new hotels being built) reports which will be included here. We have created customized reports that look at week-over-week hotel performance and hotel room night demand. In addition, we receive a monthly report from AlltheRooms that looks at vacation rental Occupancy, ADR, and Revenue.
We have created a Public Access folder in Dropbox that gives you the ability to download all of these reports. Just click HERE and you can search for the reports you are seeking.
The STR report from December came in a few weeks ago and it showed that we have hit some all-time highs in 2022.
Average Daily Rate (ADR) came in at $136 which was a new high. This is 15.5% growth over 2019. Also, while Occupancy came very close to 2019 at 69%, the combination of ADR and Occupancy to form RevPAR (Revenue Per Available Room) also hit a new high of $94 which was 14.7% growth since 2019.
One of the metrics I always believe is most indicative of how tourism is going is Room Night Demand (RND). This is the number of hotel rooms rented which certainly shows our ability to fill the inventory we have here in Brevard.
In 2019, RND was 2.3 million. It dropped by 600,000 to 1.7 million the COVID year of 2020 and then rebounded right back to 2.3 million in 2021. Now, in 2022, we have hit a new high of an incredible 2.68 million, a more than 15.8% growth.
One reason this is so amazing is that even with the tremendous growth we have seen in the vacation rental inventory and the additional hotel rooms we have added in the last year (13% growth since 2019), we were able to grow the number of hotel rooms rented by a significant amount.
This outperformed all of our peer beach destinations including Sarasota (9.3%), Jacksonville (7.5%), Fort Lauderdale (2.7%), W. Palm Beach (9.1%), Daytona (-1.4%) and St. Pete (3.7%) that all had lower growth rates than the Space Coast.
With the growth in Tourist Development Tax collections (from $17 million to $23.3 million during the fiscal year, or 37% growth) it is not surprising that the STR metrics are also growing significantly.
It also puts continued pressure on us as we know hotel room inventory will continue to grow in the coming years – and growth in Room Night Demand isn’t a guarantee. It will take continued persistence and focus on marketing to make sure we are able to grow demand overall and rent more and more hotel rooms as that inventory grows.
– Peter Cranis, Space Coast Office of Tourism Executive Director