For Immediate Release Contact: Kristen Adamo
401-456-0231
kadamo@pwcvb.com
What Summer Doldrums?
Providence Hotels Surpass 80 Percent Occupancy for the First Time Since 2004
Providence, RI – July 30, 2012 – The temperature isn’t the only thing rising in Providence, as city hotels enjoy one of their best years in nearly a decade. Occupancy for June 2012 was 81.4 percent, the first time Providence hotels have surpassed 80 percent since October 2004. Overall, occupancy rate and the Average Daily Rate (ADR) for a hotel room for the first six months of 2012 are both up over 2011 levels.
“The idea of vacating a city during the hot summer months is an outdated concept, at least here in Providence,” said Martha Sheridan, president and CEO of the Providence Warwick Convention & Visitors Bureau (PWCVB). “The PWCVB has booked several large meetings, conventions and sporting events this summer, which are filling restaurants, hotels and shops, while the City of Providence and our local arts and cultural community have scheduled a wide range of entertaining events that are drawing more visitors to the city.”
Among the high-profile events that Providence hosted in June were: Netroots Nation, a conference of progressive bloggers and political figures; IEEE Computer Vision and Pattern Recognition Conference; and the 2012 Hearing Loss Association of America Annual Convention. The three conferences accounted for 5,549 hotel room nights.
The rest of the summer is equally busy. In July, the city has hosted the Amica Ironman 70.3 Rhode Island, the 2012 National Strength & Conditioning Conference and Exposition, and the International Association of Food Protection Annual Meeting. The three events consumed an estimated 8,250 hotel room nights. On deck in August are the International Council on Hotel, Restaurant and Institutional Education 2012 Conference, the American Phytopathological Society 2012 Annual Meeting, and the Rock N Roll Providence Half Marathon. The three events will account for 7,796 hotel room nights.
“While meetings and conventions provide a solid base for the hotel community, it is the layering of leisure travel visitors on top of that base that makes the kind of substantial impact we’ve seen this summer,” said Sheridan. “Events like WaterFire, Providence Restaurant Weeks, the Independence Day celebration, and the community programming that the City of Providence does add vibrancy to the city and draw visitors to the region. They are all integrated into our leisure marketing efforts.”
While occupancy peaked in June, the rest of 2012 has also been strong. Overall, occupancy is up 5% over the same time period in 2011 and each individual month has bested that same month in 2012.
In addition, the Providence hotel community has seen ADR slowly rise to near pre-recession levels. Overall, the average ADR for the first half of 2012 was $137.17, an increase over the 2011 ADR of $129.68. So far in 2012, the ADR peaked in May at $159.14, buoyed by meetings and conventions, as well as area college graduations. June’s ADR was a solid $149.36, up 9.7% over June 2011.
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"W" was originally proposed for the bottom 10 floors of a planned residential high rise that fell victim to the recession. The return of the higher rates and occupancy lends itself to a possible new downtown hotel. What isn't mentioned in the report is that this 81.4 occupancy includes two new hotels, The Hampton and Renaissance, that weren't around in 2004. Appoximately 400 rooms. Thus, as compared to 2004 without these rooms added, the occupancy rate would be much higher. Also, there is another boutique hotel in the works at the former Sportsmen Club, a longtime dive, on Fountain street. It will have about 85 rooms.