Dallas’ booming Uptown district has North Texas’ highest office rents and some of the area’s priciest housing.
Uptown is also home to the state’s best-performing hotel — the Ritz-Carlton — according to a new study.
With an estimated average daily rate of $411.29, Uptown Dallas’ Ritz far outstrips Texas’ other top stays, including Hotel Emma @ the Pearl in San Antonio and San Antonio’s JW Marriott Hill Country, Source Strategies reports.
The San Antonio-based hotel market researchers looked at lodging outlets across the state for their third-quarter report.
Total hotel revenues in Texas were up 7% in the third quarter compared with the same period in 2018, Source Strategies data shows.
In Dallas, revenues rose almost 8%.
“Demand gains have moved ahead of new supply additions, and steady high occupancies continue to point toward a stable market,” Source Strategies’ senior vice president Paul Vaughn said in the new report. “For the year of 2018, Dallas room nights sold increased 5.1%.
“Average rates increased 2.8% as occupancy slipped 0.7 points to 68.8%,” he said. “As a result, total room revenues rose 8% to $2.264 billion.”
Dallas’ Ritz-Carlton’s average revenue per available room in the third quarter was about 30% higher than Texas’ second top-performing property, Hotel Emma in San Antonio.
Other Texas hotels that make the top 10 for room revenue include the Lake Austin Spa, downtown Dallas’ Joule Hotel, the San Luis in Galveston and another Uptown Dallas hotel, the Crescent Court.
Texas’ big city hotel markets have been on a building spree. As of the third quarter, there were more than 87,000 hotel rooms in the Dallas area — about 4,000 more than a year earlier, according to Source Strategies.
