Industries

Year-to-date hotel sales up 9.3% in Virginia Beach

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The Virginia Beach hotel industry reached record-breaking revenue for the first five months of 2014, according to data released from Smith Travel Research (STR).

The Virginia Beach Convention & Visitors Bureau said Monday that the data shows that year-to-date hotel sales through the end of May increased 9.3 percent, generating $79.4 million in revenue.

That’s substantially higher than in 2012 – a record-setting year for hotel sales in Virginia Beach –  which saw about $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,” Virginia Beach Convention & Visitors Bureau Director James B. Ricketts said in a statement. “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.  The 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, with a jump of 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 more than $100 million.


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