Chicago’s economy seems to be prospering. Proof of that happens to be that the hotel occupancy rate is right back up at the level it was before the economic recession occurred. The rate has been increasing steadily for three years straight now, and hopefully it continues to do so.
The city’s tourism promoters said Wednesday that the Chicago hotel business improved in 2012 for the third straight year, with occupancy rates tying the record set in 2007.
An average 75.2 percent of Chicago hotel rooms were occupied in 2012, up 4.2 percentage points from the prior year, said tourism agency Choose Chicago. It noted that the increase occurred even with an addition in the inventory of downtown hotels.
Other key measures of the business, average daily rate and revenue per available room, also increased and are within 5 percent of their all-time highs, the agency said. The average daily rate was up 5.6 percent from 2011 to $187.27 and the revenue per available room increased 10 percent to $140.76.
Choose Chicago said the growth in visitors resulted in hotel tax revenue hitting $100 million, up $25 million from 2011.