The first time the industry registered this income level was in 2021, and it took more than ten months to reach the amount

During the first seven months of 2022, accommodations in Puerto Rico generated $1 billion, a figure that was reached in the 2021 record-breaking year for the first time.

This year, the $1 billion mark was reached in July, three months earlier than in 2021, a year that ended with about $1.3 billion in accommodation revenue. Thar record reflected a growth of 37% compared to 2019, according to combined data from firms STR and AirDNA.

This development was despite the tourism industry confronting a volatile economic scenario, not only in Puerto Rico, but in international markets, due to concerns associated with inflation, air transport, high fuel prices, and the economy, explained Brad Dean, Chief Executive Officer of Discover Puerto Rico. The latest Destination Analysts’ report estimates a reduction in consumers who think we are living in good times for traveling.

According to the U.S. Travel Association and Tourism Economics data, Puerto Rico enters this scenario in a position of strength compared to other jurisdictions, especially regarding visitor spending and demand.

That demand is one of the factors driving an increase in the supply of lodging, estimated at 15.5% for the first six months of the year compared to 2021. All of this stabilized the average lodging rates.

Reservations in accommodations for the reminding two quarters of 2022 are outlined above pre-pandemic levels. The fourth quarter is the most promising, with bookings 6% higher than in 2021 in the case of hotels and 12% higher in short-term rentals.

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