Going Up: Hotel Room Occupancy Revenue
By: Todd Wessell
Journal & Topics Editor
Revenue generated by Rosemont’s 7% tax on hotel room usage for the first nine months of 2015 is up more than 5% compared to the same time period of 2014. And the occupancy rate at the 15 hotels located in Rosemont is up more than 3%.
According to Chris Stephens, Executive Director of the Donald E. Stephens Convention Center, 76% of the 6,000 hotel rooms in Rosemont were occupied through August of this year compared to 73% in 2014. Village Finance Director Don Calmeyn said that through September of this year, the local hotel tax has generated $8,925,000 for Rosemont compared to $8,423,000 for the first nine months of 2014. Last year, total hotel tax revenue was $12,935,122.
“I’d have to say that the occupancy rates are pretty strong,” said Stephens. “We’re doing pretty well.”
He explained that a strong schedule of shows at the convention center along with hotels booking good groups to stay for multiple nights are among the reasons for the increase.
Three new hotels will soon open in Rosemont bringing with it hundreds of new rooms and new income for village coffers. A Hampton Inn & Suites will soon open at River and Higgins roads. Early next year, two new hotels will be carved out of the former Wyndham Hotel on Mannheim Road south of Allstate Arena.
Rosemont as well as nearly every other municipality imposes a tax on room usage, which brings in a substantial amount of money every year.