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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BNSF Phoenix metro rail complex recommended for approval amid strong resident opposition - Phoenix Business JournalNumerous residents spoke out against BNSF's plans to build its intermodal and logistics complex in the northwest part of the Valley during a recent planning commission meeting. Despite this, staff recommended approval to change this city's general plan.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Arizona's future depends on financing transportation growth through Prop 400 - Phoenix Business JournalIn this guest column, a longtime Valley resident urges both sides to come together to pass an extension for Arizona's Proposition 400, the half-cent sales tax dedicated for transportation infrastructure funding, that is set to expire in 2025.
Source: phxbizjournal - 🏆 254. / 63 Read more »

These are the cities where cash is king for homebuyers - Phoenix Business JournalThe share of all-cash soared in 2022, and some experts believe the trend could gain momentum due to market factors.
Source: phxbizjournal - 🏆 254. / 63 Read more »

American Airlines cuts almost 50,000 flights from summer schedule - Phoenix Business JournalHere's a look at how American Airlines is reducing its schedule by 5% — and which airports are getting hit the hardest.
Source: phxbizjournal - 🏆 254. / 63 Read more »

SBA Covid EIDL program shows no 'abnormal' signs of nonpayment - Phoenix Business JournalMillions of Covid-19 Economic Injury Disaster Loans are rolling over into servicing, but the SBA isn't seeing higher-than-normal rates of nonpayment. That being said, the SBA is making a push to aid its efforts.
Source: phxbizjournal - 🏆 254. / 63 Read more »