Geroge Town, cyman islands. Photo: Ramunas Bruzas/123rf

With a hotel room costing on average US$462.74 a night, the hotel industry in Cayman has the highest mean daily rates in the Caribbean.

Valuation firm Integra Realty Resources reported in its Caribbean Hospitality Market Update for the final quarter of 2019 that average daily hotel rates in Cayman increased 24.71% from the previous year.

The 12-month data ending in October 2019, taken from travel research firm STR, excluded the Turks and Caicos Islands, which had only reported rates from a handful of very high-priced hotels making its sample unreliable.

Cayman is leading the Caribbean Islands in average daily rate growth while also experiencing strong increases in arrivals and occupancy, the report found.

Occupancy rates in Cayman jumped 9% to 68.9% and stayover arrivals grew by 10%.

Source: Cayman Compass