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:
\[ \text{Occupancy Rate} = \left( \frac{\text{Number of occupied rooms}}{\text{Total number of rooms} - \text{Number of rooms in maintenance}} \right) \times 100 \]
Consider a hotel with the following details:
To calculate the occupancy rate:
Therefore, the occupancy rate is 76.14%.
