The Boston hotel market experienced positive growth in January, showing the market may be headed for improvement this year, according to a local consulting firm.

Three submarkets had double-digit growth in revenue per available room (RevPAR) in January, according to Boston-based PKF Consulting’s recent trend report.

"January’s growth appears to be heavily influenced by an increase in group travel, as well as a general increase in demand all around," the report said.

RevPAR increased by double-digits in Boston’s Back Bay, Downtown and Rte. 495 North. RevPAR only dropped in the Rte. 495 South region. In all areas, including Back Bay, Downtown, Cambridge, Rte. 128, Rte. 495 South and Rte. 495 North, RevPAR increased 14.9 percent overall, according to PKF.

The average daily room rate decreased in every submarket compared to the same month last year. The overall average dropped to $134.99 in January from $140.46 in January 2009.

"Demand increases have fueled the surge in performance, although properties continue to discount their rates," the report found.

 

Hub Hotels See Spike In Activity

by Banker & Tradesman time to read: 1 min
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