Virginia Beach Hotel Revenue on Record Pace for 2014

Year-to-date hotel sales up 9.3% totaling $79.4 million in revenue

Monday, June 23, 2014

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

Year-to-date hotel sales through the end of May increased 9.3 percent, generating approximately $79.4 million in revenue. That’s substantially higher than 2012 – a record-setting year for hotel sales in Virginia Beach – which totaled approximately $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,” said James B. Ricketts, director of the Virginia Beach Convention & Visitors Bureau. “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. 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, jumping 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 over $100 million. The Virginia Beach CVB is responsible for promoting year-round leisure, meetings and convention business and international travel to Virginia’s most populous city.

 

Virginia Beach Convention & Visitors Bureau (www.visitvirginiabeach.com)

Where the Atlantic Ocean and the Chesapeake Bay meet, Virginia Beach promises visitors a unique chance to “Live the Life.” Nature at its finest, just-caught and just-picked local food, and toes-in-the-sand relaxation combine for a soul-satisfying experience. A world-renowned boardwalk, energetic downtown, state-of-the-art Convention Center, abundant parks and waterways, and mild weather give rise to an active lifestyle and flourishing local culture. The Virginia Beach CVB is responsible for promoting year-round leisure, business, meetings and conventions, international and sports travel to Virginia’s most populous city. For media information and images, visit www.VisitVirginiaBeach.com/pressroom. Follow Virginia Beach on Twitter at twitter.com/VisitVaBch, Instagram at instagram.com/visitvabeach, Facebook at www.facebook.com/VirginiaBeachVA and Pinterest at www.pinterest.com/visitvabeach.

 

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