What role does average occupancy rate play in your hotel operations?
As hotel managers, we do our best to be data-informed with the decisions we make for our hotel business. Experience taught us that taking into account the occupancy rates in your area can make a serious difference in evaluating the performance of your hotel.
In this post, I’ll show you how to find the necessary occupancy rate statistics to help you guide your revenue management strategy.
The current average occupancy rate in your area
Hotel Price Reporter is a platform that regularly monitors room prices and room availability from across the Internet. The data is automatically compiled by the rate shopping engine using publicly available information.
We then extrapolate this data to derive the current average occupancy statistics for your locality.
As a customer, you can fetch the current occupancy rate for the hotels in your area using the Hotel Price Reporter dashboard.
Subscribers of the Premium plan are also able to download this data as an Excel spreadsheet.
How to access the latest occupancy rate statistics for your area
Accessing this information is simple. Here are the 3 steps:
- Login to your Hotel Price Reporter account
- Navigate to the local demand pages
- Access the data in the local demand chart
- (Optional) Download the data to your computer
How to use the data
Now that you have this information, the question is what to do with this data?
One way you can use the average hotel occupancy rate in your area is to compare it with the occupancy rate of your own hotel.
Comparing it side by side should be easy enough once you have downloaded this data. We explained how this can be done in Step 4 above.
To match it against the performance of your own hotel, simply paste the data into the second column side by side. You will need to calculate your own occupancy rate first using your own internal data.
There’s many ways you can look at the occupancy rate.
You can read our guide on hotel occupancy, to learn the basics.
If your hotel business is experiencing low occupancy numbers, see our blog post on possible reasons and ways to fix it.