March Marks Record for Highest Number of Rooms Sold in One Month
Performance figures continue to rise for Nashville’s hospitality industry
Nashville, Tenn. – March marked the highest number of hotel rooms sold in one month in the city’s history, surpassing October 2013’s record by nearly 7 percent according to Smith Travel Research (STR) in numbers released today by the Nashville Convention and Visitors Corp (NCVC). Occupancy tax, a key indicator for performance in the hospitality industry, also experienced growth, almost 34 percent compared to March 2013.
“It is fitting that close to the one year anniversary of the Music City Center opening, we are able to announce the best month ever experienced by our hospitality industry,” said Mayor Dean. “Nashville’s economy is clearly benefiting from the investments we have made as a city. As new hotels and restaurants continue to be announced and open, I expect to see this success only continue.”
According to Smith Travel Research (STR), Nashville sold more than 640,000 rooms in March, breaking October 2013’s record for highest number of rooms sold in one month in the city’s history. Among the Top 25 Markets for March, Nashville had the second largest increases in rooms sold, Average Daily Rate (ADR), Revenue per Available Room (RevPAR) and hotel revenue. Nashville was in the top five for occupancy growth.
March Hotel Occupancy Tax Collections Exceed Previous Highs by 16.7%
March tax collections were $4,753,693.34, an increase of 33.9% over March 2013. Tax collections year-to-date are $31,321,833, an increase of 20.17% over year-to-date in 2013. Since December 2010, Nashville’s hotel occupancy tax collections have experienced 39 consecutive months of growth.*
March 2014 hotel data for Davidson County**
• Nashville sold 641,932 hotel room nights during the month of March, an increase of 12.4% over March 2013
• Occupancy increased 7.2% over the previous year
• Average Daily Rate (ADR) increased 16.9% over the previous year
• Revenue per Available Room (RevPar) increased 25.3% over the previous year
• Hotel Revenue increased 31.4% over the previous year
• Supply increased 4.9% over the previous year
“Once again we are seeing unprecedented growth in Nashville’s hospitality industry,” said Ed Hardy, chairman of the NCVC board of directors. “I am consistently impressed with the work we have done as a city and with the spirit of our industry. As we set our fifth record for most rooms sold in one month, the numbers are reaching incredible heights. We must focus on sustaining this momentum and keeping Nashville a top destination for years to come.”
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.
*Source: Davidson County Clerk
**Source: Smith Travel Research (STR)
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.