Virginia Beach hotel revenue jumps in Q3 2014

Virginia Beach hotel revenue increased 5.5 percent in July-September compared to the same time last year, according to data from Smith Travel Research data.

This is an increase from $121.5 million in revenue in the third quarter of 2013 to $128.2 million in the 2014 third quarter.

“Our strong third quarter results underscore the great weather and high levels of participation during a variety of events, such as the Neptune Festival, Rock ‘n’ Roll Half Marathon and American Music Festival,” Virginia Beach Convention & Visitors Bureau director James B. Ricketts said in a news release. “This is the third consecutive quarter in which hotel sales have made strong year-over-year increases and we anticipate another record-breaking year in terms of hotel performance.”

Virginia Beach results are in line with what the hotel industry experienced nationwide, as STR reported overall occupancy increased 3.8 percent, the average daily rate rose 5.2 percent and revenue per available room increased 9.2 percent in the third quarter. The firm says third-quarter occupancy was the highest since the third quarter of 1997.

Virginia Beach hotel revenue from January to September increased 5.9 percent from last year and 5.3 percent higher than in 2012, which the city says was a "record-setting year for hotel sales."