SAN JOSE, Calif.---Oct. 29, 1997--The San Jose Lodging Index, which tracks the occupancy and average room rates of 15 full-service hotels in San Jose, broke 100 for the first time in the city's history in September.
During the record month, the participating San Jose hotels reported
78.96 percent occupancy and $128.50 average room rate, generating a 101.47
lodging index. The index reflects room revenue generated per available
filled or not.
"It was only a matter of time before the index went over 100," said
Marian Holt McLain, president and CEO of the
San Jose Convention Visitors Bureau. "The Silicon Valley economy-which helps drive business travel- the hotels' individual efforts and the Bureau's efforts to grow San Jose as a visitor destination have combined to make San Jose one of the hottest hotel markets in the country."
McLain said San Jose needs an additional 1,000-plus rooms right now,
preferably downtown (which currently
offers less than 1,500 rooms) where they could help drive more convention business and support plans for
convention center expansion.
"We do have some opportunities to generate additional weekend business
with our existing room inventory, but
the weekday occupancy levels of San Jose's full-service hotels are often at or near 100 percent," McLain said.
Fiscal year-to-date (July 1-Sept. 30), the San Jose Lodging Index is 98.39, up nearly 21 percent over the same
period last year. Occupancy levels for the two years are about the same but the average room rate has increased
more than $22 to $124.28.
The San Jose Convention Visitors Bureau's mission is to enhance the
image and economic well-being of San Jose
by taking a leadership role in promoting, marketing, and coordinating the use of San Jose as a preferred meeting,
convention and visitor destination.