Beverly Hills Leads Rise in Hotel Room Rates, Which Edge Up Countywide

0

The average daily room rate inched up less than 1 percent across Los Angeles County in February, but that figure obscured substantial changes in submarket room rates across the county, according to data released Friday by PKF Consulting.


Leading all improving submarkets was Beverly Hills, which saw the average price of a night stay rise to $330 in February, a nearly 13-percent jump compared to a year earlier. Beverly Hills rates have shown marked increases in recent months. In January, the average daily room rates for the submarket climbed 19.5 percent to $312.81.


Hotels in the Whittier area had an increase of 8 percent to $85.04 in February from the year before, the second highest jump. Two important markets around LAX and downtown Los Angeles had significant decreases.


Airport hotels saw a 10 percent dip in year-over-year average room rates, the largest in the county, dropping to $72.17 from $80.15. Rates at downtown hotels went down 4.1 percent to $136.24 .


Countywide, the average daily room rate rose 0.8 percent to $127.28 in February, from $126.32 the prior year.


Countywide occupancy rates went up an average of 1.6 percent in February. West Hollywood at 87.2 percent and Pasadena at 84.5 percent had the highest submarket occupancy rates, even as West Hollywood was off by 1 percent compared to last year.


Santa Monica experienced a 6.8 percent drop in the average occupancy rate, the steepest decline in the county, pushing the rate down to 76.8 percent.

No posts to display