Visit Tampa Bay says hotel profitability jumped by 10% in May.
TAMPA — Destination marketing agency Visit Tampa Bay reports Hillsborough County’s hotel industry outpaced all its national competitors in May thanks to strong demand for rooms, which pushed up hotel rates and boosted profitability by more than 10% for the month.
According to a press release, the county collected $2.8 million in tourist development tax (a 5% percent hotel user fee on short-term stays in Hillsborough County, also known as bed tax) revenue in May 2018 — 16% percent higher than the same period last year and represents a new record for the month.
Eight of the nine months of the county’s 2018 fiscal year have seen record increases in bed tax revenue. After nine months, total bed tax revenue stands at $26.7 million – nearly equal to all of fiscal year 2015, the release states.
“Tampa Bay’s continued strong growth as a destination helped boost visitation in May,” states Santiago Corrada, president and CEO of Visit Tampa Bay, in the release. “I’m proud to see the industry work together as one to keep this vibrant, dynamic destination top-of-mind among travelers. I’m looking forward to a strong summer and fall as we add new attractions, rides and opportunities for all visitors and residents. This destination has come a long way and the world is noticing.”
According to industry analyst STR Inc., in May, Hillsborough County’s hotel industry led its competitors across the United States in the growth of both hotel average daily rates and revenue per available room — an indicator of hotel profitability. ADR grew by 8.4% for the month. RevPAR grew by 10.1%.