The summer of 2024 has been exceptionally strong for hotels across the Caribbean, including Barbados, according to the latest data from STR, a leading hotel analytics firm. Hotels in the Caribbean have not only met but surpassed the impressive figures from last year, which was a record-breaking year for many in the region.
Caribbean Hotel Performance
In June 2024, the Caribbean region saw a hotel occupancy rate of 68.1%, marking a 3.4% increase compared to June 2023. This rise is indicative of the ongoing recovery and growth in the tourism sector post-pandemic. Average daily rates for hotels in the Caribbean also climbed by 3.3%, while revenue per available room (RevPAR) surged by 6.8%. For the first half of the year, the average occupancy rate stood at 71.3%, which is a 3.9% increase from the same period in 2023. Additionally, the average daily rate was up by 8.3% to $382.05, and RevPAR increased by 12.5%, reaching $272.51​.
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Focus on Barbados
Barbados, in particular, has mirrored this robust performance. In July 2024, hotel occupancy on the island reached approximately 70%, reflecting a positive trend that aligns with the overall Caribbean performance. The average daily rates in Barbados have seen an increase of around 5% compared to July 2023, contributing to a 7% surge in RevPAR​.
The first quarter of 2024 was especially notable for Barbados, with tourist arrivals reaching a record high of 228,828, an 8.8% increase from the previous record set in 2019. The UK has been a significant contributor to this growth, accounting for 43% of the total market share in Q1 2024. This resurgence of UK tourists has been crucial in bolstering Barbados’s tourism sector​.
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Looking Ahead
The future looks bright for Barbados’s tourism and hospitality sectors. The island is expected to continue its upward trajectory, supported by the introduction of new international flights and the opening of several internationally branded resorts. These developments are set to enhance Barbados’s appeal as a premier tourist destination, ensuring that the island remains a top choice for travelers from around the world​.
As we move through the latter half of 2024, both Barbados and the wider Caribbean region are poised to continue benefiting from the strong performance seen so far. The combination of increased occupancy rates, higher daily rates, and growing RevPAR underscores the resilience and attractiveness of Caribbean destinations in the global tourism market.
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