It also marks the first time this year that the market has showed three consecutive months of improvement, when compared to the same month a year earlier. Although the market was down from 61.8% in October, a drop is expected for seasonal reasons and because there typically aren't as many conventions in downtown in November as in October.
All year long, downtown basically has been showing a relatively stellar performance, largely thanks to conventions. It is the independent business traveler that still hasn't returned to its previous force in the market.
Year-to-date, the average room rate is 61.2%, compared with 61.6% in the first 11 months of last year. In November, the average daily room rate came in at $82.33, up from the $80.40 in November 2002.
The year-to-date average room rate, like the occupancy rate, is flat at $84.68 vs. $84.76. Downtown continues to be the strongest submarket, with the highest occupancy rate, 15 64.5%, as well as the highest room rates, at $118.81. Downtown was the only submarket to break the $100 per night barrier.
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