Midland hotels continue record gains in 2QMidland hotels continue record gains in 2Qhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=31202014-09-11T08:10:00Z2014-09-10T00:00:00Z

MIDLAND - Midland was ranked first in Texas for both hotel revenue and occupancy in second quarter 2014.

Hotel revenues in 2Q 2014 increased by 31.4 percent over 2Q 2013, growing from $25 million to $33 million, according to Source Strategies.

Midland’s hotel revenue growth was over 20 percent better than average revenue growth statewide, and taxable receipts were up from $21 million in 2013 to $28 million in 2014, an increase of 28.5 percent.

Both Midland and Odessa ranked in the top two for hotel performance with an 84.7 percent and 79.6 percent hotel occupancy, respectively.

Year-over-year, Midland’s occupancy rate grew by 0.9 percent from 83.9 percent to 84.7 percent. Both cities were far above the statewide occupancy average, which sat at 67.8 percent.

Room rates have continued to remain high, with the estimated average at $108 per night. Odessa has a $119-per-night average rate, while Austin took the top slot with a $126-per-night average rate.

Midland posted a $13.26 gain in its revenue per available room over 2Q 2013 numbers, compared to the statewide average increase of $4.58 year-over-year.

Revenues have increased from $36 million in 2009 to more than $101 million in 2013. Hotel revenue for 2014 is already more than $60 million, putting 2014 on track for another record year.

Midland Reporter-Telegram
http://www.mrt.com/business/article_e6f5d202-37ea-11e4-a197-0019bb2963f4.htmlRead more at {Source}

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