NORFOLK, Va. (WAVY) — Hampton Roads hospitality industry is growing.
Old Dominion University’s Center for Economic Analysis and Policy released a report about the hotel industry in Virginia and Hampton Roads based on data from STR.
In newly released data, the hospitality industry in Hampton Roads shows 23% growth from pre-pandemic levels in 2019. In Virginia, levels are 12.6% higher than in 2019. It also outpaces the nation in this pandemic recovery period.
Besides northern Virginia, every major market in the commonwealth has recovered from the pandemic levels, according to the report.
“The hotel industry continues to recover in the commonwealth and has more than fully recovered in Hampton Roads,” said professor Vinod Agarwal of ODU’s Dragas Center for Economic Analysis and Policy. “With continued increase in leisure travel and a recovery in group travel, we have seen significant improvement in the performance of the hotel industry over the 2019 levels.
The Hampton Roads area are growing in hotel rooms sold. Here are the values, below:
- Norfolk and Portsmouth, 7.7%
- Virginia Beach, 3.8%
- Chesapeake and Suffolk. 2/8%
Other cities nearby are decreasing in hotel rooms sold. Here are the values, below:
- Williamsburg, 3.4%
- Newport News/ Hampton, 2.2%
Overall, according to the data, Virginia Beach has seen the most growth within Hampton Roads. The city has increased 29% in revenue compared to 2019 values. Other cities values are listed, below:
- Norfolk/ Portsmouth, 28.2%
- Chesapeake/ Suffolk, 26.8%
- Williamsburg, 9.1 %
Agarwal notes it could be due to a rise in hotel prices.
“Substantial increases in hotel revenue in almost all markets, however, can be easily attributed to higher room rates rather than increases in occupancy or increases in hotel rooms sold,” Agarwal said.
The performance of the hotel industry will continue to be analyzed and monitored.
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