[KevinFromTexas]

http://www.statesman.com/news/news/a...ce-week/nTPbm/

Posted: 9:00 p.m. Thursday, Dec. 6, 2012
Austin area hotels saw boost during F1 race week

By John Maher
American-Statesman Staff

For area hoteliers, Austin’s inaugural Formula One race was definitely a grand prix.
During the five-day period ending with the race on Sunday, Nov. 18, Austin area hotels took in $32 million — triple what they made during the same stretch the previous year. And that five-day period in 2011 included a University of Texas home football game against Kansas State.

According to an economic forecast prepared earlier this year for the circuit by Don Hoyte, hotels are expected to provide the second-largest amount of race-related tax revenues, only slightly behind shopping and entertainment. According to Hoyte’s analysis — which took into consideration hotels beyond the immediate Austin area — hotels could see an increase of $52 million in revenue over seven days from traffic for the F1 race.

• On the comparable Saturday in November 2011, when UT played Kansas State, 89.9 percent of area hotel rooms were occupied by people paying an average of $111.40 per night. This year on Saturday, Nov. 17, 94.4 percent of the rooms were occupied by people paying $300.44 per night. More rooms were occupied at a higher rate during F1.

• On the comparable Sunday in 2011, 41.1 percent of area hotel rooms were occupied by people paying an average of $86.52 per night. This year on Sunday, Nov. 18, 76 percent of the rooms were occupied by people paying $266.16 per night. Again, more rooms were occupied at a higher rate.