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Tampa Bay hospitality sector eyes second consecutive $1 billion year



The Tampa Bay hospitality industry is on pace to achieve another billion-dollar year, according to Visit Tampa Bay, marking its second consecutive fiscal milestone.

Recent data from STR, Inc. reflects an economic surge in July, following two months of relatively stagnant growth in Hillsborough County’s hotel sector. Revenues surged by 13.8 percent while occupancy rates rose by 3.4 percent, reaching 70.4 percent.

Further, the average daily rate (ADR) spiked by 11.5 percent to an average of $143.55, and Revenue Per Available Room (RevPAR) climbed by 15.3 percent, reaching $101.08. Tourist development tax collections for Hillsborough County for June collections reached $4,347,279, bringing the cumulative fiscal year collection to $56.7 million.

The cumulative taxable hotel revenue for the fiscal year through June has already surpassed the $900 million mark, making it increasingly likely that the county will exceed $1 billion in hotel revenue for the second consecutive fiscal year.

“With Hillsborough County on track to hit another billion dollars in taxable hotel revenue, it’s a testament to the hard work and collaboration of Tampa Bay’s tourism industry,” said Santiago C. Corrada, President and CEO of Visit Tampa Bay. “We look forward to keeping the momentum going through the end of the fiscal year as groups such as the Ancient Egypt Arabic Order Nobles of the Mystic Shrine (A.E.A.O.N.M.S.) and the National Black & Latino Economic Summit continue to bring substantial business to the destination.”

Tourism in Tampa, and Florida as a whole, has largely been driven by international visitors. Data released by Visit Florida last month indicates an increase in international visitors to the state, reaching the highest numbers recorded since 2019. The dataset covers the initial two quarters of this year and reflects a rise in overseas visitation by 21.8 percent and Canadian visitation by 81.1 percent when compared to the same period in 2022.

Between April and June 2023, Florida hosted a total of 33.1 million visitors. Of this total, 1.9 million came from overseas, while 846,000 visitors originated from Canada. Overall visitation thus far totaled 70.8 million visitors, reflecting a 1.3 percent increase over the initial half of 2022 and a 4.5 percent rise above pre-pandemic levels in 2019.