PKF Hospitality Research, LLC (PKF-HR), the research affiliate of PKF Consulting USA, LLC (PKFC), announced today that, according to its newly released 2012 edition of Caribbean Trends® in the Hotel Industry, the average Caribbean hotel that participated in the survey experienced a 10 percent increase in Net Operating Income (NOI) in 2011. This is the greatest annual increase in profits since 2008.
"2011 was the first year since the recession where the Caribbean's hotel industry posted positive growth in all three major top-line performance indicators," said Scott Smith, senior vice president of PKFC. In the report, PKF-HR noted a 1.0 percent increase in occupancy and a 5.6 percent increase in Average Daily Rate (ADR). This lead to a 6.7 percent increase in Revenue Per Available Room (RevPAR) for the hotels in the survey sample. "The Caribbean's economy relies heavily on their hotel industry. In 2008 when the global recession struck, the Caribbean, like many other regions, saw a large decline in tourist visitations. This forced hotel owners and operators to make necessary cuts in employment and services offered," Smith said. "The lack of employment opportunities for the locals had a large negative impact on their overall economy. Three years later, hotel occupancy is on the rise. This, in turn, has caused employment to begin to increase in the region."
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