PKF: ?Cars Land? fills up Anaheim hotels
September 27th, 2012, 12:29 am ? ? posted by Jon Lansner
The opening of ?Cars Land? was a winner for Anaheim hotels?? with room rates and occupancy rates on the rise, an industry consultants? report shows.
Racers at ?Cars Land? at Disney?s California Adventure. JOSHUA SUDOCK, THE REGISTER
The lodging experts at Colliers PKF report that Anaheim hotels in July?? the first full month after the new Disneyland mega-attraction opened?? were able to raise room rates by 7.5% over a year ago. That didn?t scare off visitors, as Anaheim hotels were 91.4% full in July?? up a full percentage point in a year and the highest occupancy rate of the seven O.C. districts PKF follows. In addition, Anaheim hotels? ?RevPar??? a key measure of a hotel?s cash flow?? was up 8.7% in the year ended in July?? best in Orange County.
Overall, PKF found Orange County hotels in July with an average room rate at $168.52 per night?? that is up 6.1% in a year (or $9.68 a night.) Meanwhile, 88.3% of Orange County hotel rooms were filled?? down from 89% the year earlier. Also ?
- Benchmarks: in 2011, 73% of Orange County rooms were filled vs. 70% in 2010 and 67% in 2009. Room rates rose 5.7% in 2011 after falling 0.4% in 2010 and vs. tumbling 13% in 2009.
- Speaking of pricing, latest month?s rate of change for room rates of +6.1% compares to 4.7% for the year-to-date.
- Latest vacancy rate of 88.3% compares to 76.3% for year-to-date.
- Latest month?s year-to-year rate of change in occupancy rate of -0.8% compares to 2.7% for the year-to-date.
- All told, countywide ?Revpar??? a key hotel cash-flow measure tracking rates and occupancy?? was up 5.3% for the latest month vs. a year ago. Revpar?s rising 7.5% year to date.
- For this latest month, the pricest rooms were in Surf City while North O.C. offered on average the cheapest nights.
- Newport Beach had the emptiest hotels on average around the county.
- By Orange County geographic slice, all 7 slices of the county PKF tracks had year-over-year room rate gains; 3 of the 7 slices had occupancy gains; and all 7 has ?RevPar? increases.
Around Southern California ?
- Los Angeles room rates were up 3.9% in past year to $172.58 a night. Occupancy rate for the month was 85.2% in L.A.?? down 0.6% in the past year.
- San Diego rates were up 4.7% in 12 months to $184.64 as 88.5% of San Diego area rooms were filled?? down 0.2% in the past year.
Cheaper hotels had some challenges filling up. Orange County hotel occupancy in this period by price niche:
- Less than $60: Occupancy ran 90.9% vs. 92.6% in 2011.
- $60 to $100: 90.2% vs. 87.8% in 2011.
- $101 to $150: 88.8% vs. 90.1% in 2011.
- $151 to $200: 87.7% vs. 92.1% in 2011.
- $200 or more: 85.6% vs. 85.1% in 2011.
And the chart below shows the month?s average room rate; year?s change in rates; occupancy (occ.) and year?s change; plus the year?s change in ?revpar? (Rev. ch.)
| Region | Rate | Year?s chg. | Year-to-date chg. | Occup. | Year?s chg. | Year-to-date chg. | Year-to-year rev. chg. |
|---|---|---|---|---|---|---|---|
| Anaheim | $155.49 | +7.5% | 4.7% | 91.4% | +1.1% | +4.0% | +8.7% |
| Costa Mesa | $122.38 | +7.8% | 3.5% | 87.4% | -3.1% | +0.3% | +4.5% |
| Airport area | $116.06 | +3.1% | 0.9% | 86.7% | -2.2% | +0.9% | +0.8% |
| North O.C. | $95.76 | +5.5% | 2.5% | 89.8% | +1.1% | +1.4% | +6.6% |
| South O.C. | $257.48 | +3.8% | 5.2% | 83.8% | +0.1% | +2.6% | +3.8% |
| Newport Beach | $261.63 | +8.2% | 8.0% | 82.9% | -5.9% | +2.4% | +1.8% |
| Surf City | $293.29 | +9.2% | 3.7% | 85.6% | -4.9% | +4.2% | +3.9% |
| All O.C. | $168.52 | +6.1% | 4.7% | 88.3% | -0.8% | +2.7% | +5.3% |
| L.A. | $172.58 | +3.9% | 3.9% | 85.2% | -0.6% | +2.8% | +6.9% |
| San Diego | $184.64 | +4.7% | 3.3% | 88.5% | -0.2% | +2.5% | +5.8% ? |
| For some real estate context ? | |
| HOUSING TRENDS | HOTEL NEWS |
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Source: http://lansner.ocregister.com/?p=166629
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