Omni Hotels & Resorts reported that its average daily
rate during the first quarter of 2011 increased by 5.9 percent year over year.
Revenue per available room increased by 11.8 percent during the quarter.
"We've gotten to the point where we have some pricing
power," Omni president Mike Deitemeyer said. "We're in a place where
the change in average daily rate is outpacing our occupancy growth."
Omni also raised its full-year RevPAR growth projection to 8
percent to 8.5 percent, up from the previous 6 percent projection.
Deitemeyer said corporate transient business has shown a
strong rebound, and Omni chief marketing officer and senior vice president of
sales Tom Santora said requests for proposals for group business are up about
20 percent compared with last year.
Privately held Omni typically does not release financial information.