The occupancy rate is the ratio of the number of occupied rooms to the total number of rooms available, expressed as a percentage. It is a key metric in the hospitality industry for assessing the performance of a hotel or rental property.
To calculate the occupancy rate, use the formula:
Occupancy Rate=(Number of occupied roomsTotal number of rooms−Number of rooms in maintenance)×100
Consider a hotel with the following details:
To calculate the occupancy rate:
Therefore, the occupancy rate is 76.14%.