Hotel market shows strong growth in 2013

Posted on Tuesday, January 21st, 2014 at 3:21pm.

South Florida hotels had fewer vacancies and higher room rates in 2013.

Reports from Smith Travel Research shows that Broward County averaged a 74.7 percent occupancy rate, up from 72.4 percent the previous year. The occupancy increase came despite a year-over-year decline from 74.3 percent occupancy in December 2012 to 71 percent last month. Broward's average room rates increased from $114.59 in 2012 to $119.33 last year.

Palm Beach County hotel occupancy also increased from 67.4 percent in 2012 to 71.6 percent last year. Year-over-year occupancy rose from 66.5 percent to 71 percent in December. Average room rates increased from $140.92 in 2012 to $145.84 in 2013.

Broward County tourism officials expect to break last years record of 13.1 million visitors in 2014, while Palm Beach County projects more than 6 million visitors.

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