Phoenix hotel rooms were the most expensive in the nation during Super Bowl week - Phoenix Business Journal

The report from STR said Phoenix hotels recorded an average daily rate of $278.20 during the week of Feb. 5 to Feb. 11, leading up to the big game that was played in Glendale at State Farm Stadium on Feb. 12. The revenue per available room, which was also the highest in the country for the week, was $221.02. An important performance metric in the hotel industry, revenue per available room, or RevPAR, is calculated by multiplying a hotel's average daily room rate by its occupancy rate.

As it got closer to the game, rates went up even higher. For just Friday and Saturday, the average daily rate for hotels across the Valley was $541 and revenue per available room reached $475, which beat STR’s forecast of revenue per available room at $419.after the previous two games, which were played in Tampa and Los Angeles, had far fewer festivities and hype around them because of the Covid-19 pandemic. Phoenix easily saw higher occupancy and higher room rates than the previous two cities.

With an average daily rate of $541, it marked the second-highest room rate ever for a Super Bowl weekend, just $21 less than the high seen in 2020 in Miami. STR had predicted that the occupancy across all of Phoenix’s hotels for the Friday and Saturday before the Super Bowl would be 94%, but for Feb. 10-11 Phoenix’s occupancy was 87.8%. While not as high as expected, Phoenix’s occupancy level over Super Bowl weekend was still higher than the average of the past 10 Super Bowls.

Just under 400 Valley hotels report data to STR and 173 of them experienced occupancy at or above 95% on Friday and Saturday of Super Bowl weekend with 72 completely sold out. For the weekend, there were 120 hotels in the Valley that reported an average daily rate of more than $500 and 22 of those properties had average rates on Friday and Saturday at $1,000 or more., the Valley’s supply of hotel rooms has grown about 12% to more than 70,000 rooms.

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