Theoverall hotel occupancy rate in Los Angeles County was 78.4%, justslightlyahead of 78.3% a year ago.
The July report from PKF Consulting makes for good reading. More importantly, operators continued topushup the average daily room rate, which increased 6.9% to $118.44. Therewere 6 sub-markets in the County with occupancy rates above 80% in July:Marina del Rey (89.3%), Santa Monica (87.9%), South Bay (87.8%), LAX(86.5%), Hollywood (84.0%), and the San Fernando Valley (81.6%). AndValencia came in at an amazing 92.7%. Business was also good in Orange County during July, asconstructionwinds down in and around Anaheim (finally!). The occupancy rate was80.9%,compared with 77.2% last year. And the average daily room rate was up6.9%to $111.25. Out of five sub-markets in the County, only one was belowthe80% level, and that was Orange County Airport at 79.2%. PKF's next report (August) will give us an idea of what theDemocratic National Convention meant to the Los Angeles hotelindustry. And don't forget. Disneyland II is coming.
Thanks to LAEDC
FULL STORY: Hotel Business Sturdy In July
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