CVB: Summer travel heats up lodging business

Springfield’s lodging industry improved in every measured category, according to the Springfield Convention & Visitors Bureau’s July newsletter released this morning.

The hotel statistics for May showed positive momentum ahead of the area’s heaviest travel months during the summer, according to the CVB.

Springfield’s latest lodging industry data:

    •    The city’s hotel occupancy rate moved up to 65.6 percent in May from 63.4 percent a year earlier and has improved to 59 percent for the year from 57.6 percent at the same time last year.

    •    May’s average daily rate was $82.69, up from $80.53 a year earlier. The average for the year increased to $80.09 from $78.35.

    •    Room supply - the number of hotel rooms in the Queen City multiplied by the number of days in the month or year to date - ticked up 0.7 percent to 180,203 in May and 2.2 percent to 883,968 for the year.

    •    Room demand - the number of rooms rented in the city for the month or year - rose 4.2 percent in May to 118,126 and 4.6 percent for the year to 521,358.

    •    May’s revenue per available room - calculated by dividing room sales by rooms available - jumped to $54.20 from $51.07 a year earlier. Year to date, the figure went up to $47.24 from $45.17 at the same time in 2015.