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8 trends behind Newport Beach’s $290-a-night hotel business

by in News

Hotel room rates in and around Newport Beach ran higher year-to-date through May as occupancy rose, according to fresh statistics.

CBRE Hotels’ latest report reveals eight trends to know about how local operators are doing filling up their rooms vs. countywide patterns year-to-date through May …

1. Newport Beach hotel rooms on average cost $290.31 a night, up $5.16 in 12 months or 1.8 percent.

2. Among seven Orange County regions tracked by CBRE, Newport Beach room rates were the priciest.

3. Countywide, room rates averaged $191.36 per night, up $7.14 in a year or 3.9 percent.

4. Newport Beach hotels in 2018’s first five months were 81.6 percent full, up from 80.9 percent a year earlier.

5. Newport Beach ranked No. 2 among seven Orange County hotel districts in terms of hardest to find an empty room.

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6. Countywide occupancy was 79.5 percent, up from 79.3 percent a year earlier.

7. A key measure of hotel cash flow known as “RevPar” for Newport Beach increased 2.7 percent from a year earlier.

8. Countywide RevPar was up 4.1 percent in a year.

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  • The lobby at the Fairmont Newport Beach. The hotel sold earlier in 2017 for $125 million. It’s been temporarily branded as Duke Hotel Newport Beach. The 10-story hotel was constructed in 1973 and renovated in 2007. It sold for around $281,500 per room. It has 42,000 square feet of meeting space, an 8,000-square-foot spa and a rooftop pool.

  • The Balboa Bay Resort in Newport Beach was named a new Forbes Travel Guide four-star hotel in the 60th annual Forbes Travel Guide Star Awards. (Photo courtesy of the Balboa Bay Club)

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  • Aqua Lounge’s Happy Hour, pictured, draws a crowd on Thurs., Oct 12. Oak Grill and Aqua Lounge, separate venues at the Island Hotel in Newport Beach, have tweaked happy hour offerings under new executive chef Peter Lai. (Photo by Cindy Yamanaka, Orange County Register/SCNG)

  • Newport’s newest hotel, Lido House, mirrors the developer’s personal residence.

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