Newport Beach's hotel business is on the rise, the city's destination marketing company reported to the City Council last week during its 2013 annual budget submission.
"Our industry is thriving," Visit Newport Beach's Gary Sherwin said. "It's actually performing better than much of our competitive set."
Summarizing a 136-page annual marketing plan, Sherwin, Visit Newport's president and chief executive, contended that the city's hotel industry — comprised of 17 major hotels that provide 2,900 hotel rooms and 17,000 square feet of meeting space — is leading Orange County's market.
The plan cited travel-related data from numerous hospitality consulting services, including Smith Travel Research Global and PKF Consulting, and identified international, regional and local travel projections for the coming fiscal year.
Sherwin's presentation highlighted four major categories used to gauge hotel business: occupancy average, or the number of rooms occupied as a ratio to the number of rooms available; average daily rate, which is the average price of all the rooms sold by the hotel at any given day; revenue per available room, known as RevPAR; and general revenue.