Lubbock Lodging Analysis January 2017 Occupancy for January 2017 decreased 11.5% from January 2016 to 48.7%. Occupancy is calculated as a percentage of the rooms that are available in any given month.
The following chart shows that the Year-to-Date supply of rooms in the market has increased 7.7%. Currently there are approximately 600 rooms under construction in Lubbock. Room demand (rooms occupied) decreased 4.7% from room demand for January 2016.
The following chart shows the average daily rate (ADR) and RevPAR (REVenue Per Available Room) for the market. The chart shows that room rates for January 2017 have increased 0.4% over January 2016 to $77.34. RevPAR for January 2017 decreased 11.2% from January 2016 to $37.70. RevPAR is calculated based on total room revenues divided by all of the rooms in the supply which includes rooms left vacant.
The final chart below shows that total lodging revenue has decreased 4.3% from January 2016. The trend shown in the revenue chart directly corresponds to the ADR and RevPAR increases in the previous charts.
Lubbock Lodging Analysis December 2016 Occupancy for December 2016 decreased 8.1% from December 2015 to 50.9%. Occupancy is a function of supply and demand, and the next chart will help explain the reason for the decrease.
The following chart shows that the Year-to-Date supply of rooms in the market has increased 7.7%. There are currently approximately 600 rooms under construction in Lubbock. Room demand (rooms occupied) decreased 1.0% from room demand for December 2015, but ended 2016 up 5.0%.
The following chart shows the average daily rate (ADR) and RevPAR (REVenue Per Available Room) for the market. The chart shows that room rates for December 2016 increased 0.6% from December 2015 to $82.16 and ended 2016 at $88.31. RevPAR for December 2016 decreased 7.5% from December 2015 to $41.83 and ended 2016 at $56.49. RevPAR is calculated based on total room revenues divided by all of the rooms in the supply, including the new supply of rooms left vacant.
The final chart below shows that total lodging revenue has decreased 0.4% over December 2015 and ended calendar year 2016 up 4.9% over calendar year 2015. The trend in total lodging revenue continues to be at record levels and remains very positive.
Lubbock Lodging Analysis October 2016 Occupancy for October 2016 decreased 6.3% from October 2015 to 62.4%. Occupancy is a function of supply and demand, and the next chart will help explain the reason for the decrease.
The following chart shows that the Year-to-Date supply of rooms in the market has increased 5.0%. There are currently approximately 700 rooms under construction in Lubbock. Room demand (rooms occupied) decreased 1.6% from room demand for October 2015, but is up 6.3% for 2016.
The following chart shows the average daily rate (ADR) and RevPAR (REVenue Per Available Room) for the market. The chart shows that room rates for October 2016 increased 6.3% from October 2015 to $100.52. RevPAR for October 2016 decreased 0.4% from October 2015 to $62.75. RevPAR is calculated based on total room revenues divided by all of the rooms in the supply, including the new supply of rooms left vacant.
The final chart below shows that total lodging revenue has increased 4.6% over October 2015 and is up 5.3% for calendar year 2016 over calendar year 2015. The trend in total lodging revenue continues to be at record levels and remains very positive.
Lubbock Lodging Analysis September 2016 Occupancy for September 2016 decreased 3.3% from September 2015 to 62.4%. Occupancy is a function of supply and demand, and the next chart will help explain the reason for the decrease.
The following chart shows that the Year-to-Date supply of rooms in the market has increased 7.0%. There are currently approximately 800 rooms under construction in Lubbock. Room demand (rooms occupied) increased 3.5% over room demand for September 2015. While demand did not keep up with the growth of supply, it is still increasing and on a positive trend.
The following chart shows the average daily rate (ADR) and RevPAR (REVenue Per Available Room) for the market. The chart shows that room rates for September 2016 decreased 6.2% from September 2015 to $93.75. RevPAR for September 2016 also decreased 9.3% from September 2015 to $58.50. RevPAR is calculated based on total room revenues divided by all of the rooms in the supply, including the new supply of rooms left vacant.
The final chart below shows that total lodging revenue has decreased 2.9% from September 2015 but is still up 5.6% for calendar year 2016 over calendar year 2015. The trend in total lodging revenue continues to be at record levels and remains very positive.