Recode on Dec. 10, 2018 6:20:24Tuesdays San Diego hotel occupancy rate is down, according to new research from hotel analytics company LuxuryBookings.
The hotel industry reported a 6.7% drop in occupancy last year, according a report from Luxurybookings.
LuxuryBOOKINGS says that number has more than doubled to 10.6% since it was first published in January.
In 2016, hotel occupancy in the US fell by 9.5%.
The company says it expects the rate of decline to continue for at least the next three years.
It says the decline in occupancy is primarily due to the recent increase in travel in the country, which is making it harder to get guests.
“There is a lot of demand for hotels right now, but demand is also getting higher because of increased tourism, a rising number of new guests, and the ability to have longer stays,” said Luxury BOOKINGS CEO Matt Riddle.
He said hotel occupancy rates are falling because of more people moving into the country and the increased number of travelers.
“That’s a combination of people moving to the country because of the economic downturn, and people moving from the United States to get a better deal,” he said.
The report says hotels are reporting a drop in their occupancy rates, and many are seeing declines in revenue.
Luxuries Bookings has reported occupancy data since at least 2012.
It is the largest hotel analytics firm, and it has been tracking hotel occupancy for the past decade.
It says the industry is also seeing a drop of occupancy for some hotels, especially for smaller ones.
“It’s been a bit of a slow start to the year, but we are seeing a couple of big shifts and a lot more improvement over the next couple of months,” Riddle said.
LuxuryBookers CEO Matt Dolan says hotel occupancy is a critical indicator of how a hotel is performing.
He said that is why it is so important for hotels to keep up their occupancy levels.
“We have seen a big drop in our occupancy rate for hotels this year, and we’ve also seen that occupancy is going down for the smaller hotels,” he told Recode.
“But, we’re also seeing that we are continuing to see a very positive impact for the big hotels, where occupancy is really going up.”
For example, Riddle says occupancy for San Diego’s two largest hotels is up 13.4% from 2016.
But Riddle expects that rate to drop in the next two years.
He says San Diego has two major hotel markets that are struggling, and that is the San Francisco and San Diego Bay Area.
“The Bay Area is in a really bad spot right now,” he says.
“The San Francisco Bay Area has a lot going on right now.”
The hotel occupancy data Luxury Bookings says is showing signs of a rebound.
For example, hotel revenue in the San Diego area is up 12% from last year.
But, occupancy is down by 9%.
He says it’s an indication of an industry that is getting better.
“I think it’s going to be a very healthy year for the hotel industry,” he added.