Hotels in Midland set revenue records in 1Q 2014

MIDLAND – Following a record-breaking year, Midland’s hotel industry shows no signs of slowing down in 2014 as revenue grew 13 percent year-over-year in first quarter.

The Tall City’s 39 hotels generated more than $27.6 million in 1Q 2014, the highest amount from any quarter in history, according to the most recent report from the Office of the Governor, Economic Development and Tourism.

Five more hotels opened in Midland since 1Q 2013, adding about 400 rooms, which uses data compiled by San Antonio-based Source Strategies Inc.

The demand — or number of nights sold — grew by 9.4 percent year-over-year in the first quarter.

Consequently, the average rate for a room increased by about 3.2 percent year-over-year. Midland’s national hotel chains charged an average of $125.44 in the first quarter, while independently owned businesses averaged $67.54.

The average price per night — including every Midland hotel — was $108.42, the third highest in the state.

Austin and Odessa are the only other cities in Texas with a higher average rate than Midland’s hotels. In Austin, the average was $126.75 per night and $119.38 in Odessa, according to the report.