SC Hotels See Revenue Rise > Columbia Business Report
Hotels around South Carolina saw an increase in revenue during the second quarter, according to a market report from Colliers South Carolina. A steady flow of travelers is helping to alleviate staffing issues and rising fuel prices, the report said.
Columbia hotel occupancy fell in late May but rebounded to 61.92% to end the second quarter, the report said. Average daily rates were $108.59 and revenue per available room was $66.52 at the end of June, both higher than the same time in 2021.
The city added 144 rooms with the opening of the Cambria Hotel, an upscale hotel on Lady Street.
Occupancy in the Greenville-Spartanburg area held steady at 71% due to a steady flow of business and leisure travelers to the area. Revenue during the second quarter increased to $72.26 and average daily rates increased to $101.37. The return of group travel should boost third-quarter activity in the region, Colliers said.
Charleston started the busy summer season with an occupancy rate increase to 79.19% and a daily rate increase to $176.15. Colliers expects Charleston daily rates to continue to rise due to a strong overall market for luxury travel nationwide.
Other markets along the coast also had a strong second quarter. Occupancy in the Hilton Head/Beaufort area increased to 75.7%, average daily rates increased to $286.13 and revenue per room reached $216.60, the highest in the state. The average daily rate in Myrtle Beach rose to $228.61, the same as in 2021. Occupancy along the Grand Strand during the second quarter was 77.6%.
Colliers expects increased revenue to continue for the rest of the year, which should help hotel owners cope with rising operating costs and inflation and help fund expansion plans. improvement and renovation of properties delayed during the pandemic.
Contact Christina Lee Knauss at 803-753-4327.