Record Performance Figures Display Nashville’s Increasing Strength as Destination City
October marks record for highest number of rooms sold in one month
Nashville, Tenn. – The Nashville Convention & Visitors Corp (NCVC) announced today the month of October marked the highest number of hotel rooms sold in one month in the city’s history, according to Smith Travel Research (STR). In addition, the occupancy tax, a key performance measure for the hospitality industry, experienced nearly 20 percent growth during the first quarter of FY 13-14.
“These latest figures reflect Nashville’s continued strength as a destination city for leisure business and convention travelers,” Mayor Dean said. “Hospitality has always been a significant economic engine in our city, and it’s rewarding to see the results of our past investments. Our identity as Music City is stronger than ever, and by staying focused we can sustain our momentum into the future.”
According to Smith Travel Research (STR), Nashville sold 603,087 hotel room nights during the October, breaking the record for the highest number of rooms sold in one month in the city’s history. Among the Top 25 Markets for October, Nashville had the largest increases in rooms sold, occupancy, hotel revenue and supply. Nashville saw the second largest increase in Revenue Per Available Room (revPAR) and the fifth largest increase in Average Daily Rate (ADR).
October 2013 hotel data for Davidson County*
• Nashville sold 603,087 hotel room nights during the month of October, an increase of 9.4% over October 2012.
• Occupancy increased 4.7% over the previous year
• Average Daily Rate (ADR) increased 8.8% over the previous year
• Revenue per Available Room (RevPAR) increased 13.9% over the previous year
• Hotel Revenue increased 19.0% over the previous year
• Supply increased 4.5% over the previous year
September tax collections were $3,462,726, an increase of 19.68% over September 2012. Tax collections year-to-date are $10,304,185, an increase of 19.69% over year-to-date in 2012. Since December 2010, Nashville’s hotel occupancy tax collections have experienced 34 consecutive months of growth.**
“This phenomenal growth is not an anomaly and brings us closer to the ‘new normal’ we expect in the future,” said Ed Hardy, chairman of the NCVC board of directors. “Since January 2011, Nashville has experienced consecutive year-over-year growth every month, and within the past 20 months set a new record four times for most rooms sold in one month. More than anything, this is a testament to the value of the industry and the hard work of a lot of people over an extended period of time.”
The NCVC announced in August that FY 12-13 collections reached an all-time high of $36,937,635, representing an increase of 8.6 percent compared to 2012. June 2013 revenues totaled $3,998,945, marking the highest collections in one month, exceeding the previous all-time high by 8.3% (June 2012).
*Source: Smith Travel Research (STR)
**Source: Davidson County Clerk
The Nashville Convention & Visitors Corp
The mission of the Nashville Convention & Visitors Corp is to maximize the economic contribution of the convention and tourism industry to the community by developing and marketing Nashville as a premier destination. Visit the NCVC’s website at www.visitmusiccity.com.