TAMPA, FL—Visit Tampa Bay President and CEO Santiago C. Corrada revealed the company’s newest economic goal—reach $1 billion in total hotel revenues by 2025, a project that, Corrada noted, would ultimately generate a much larger overall economic impact across Hillsborough County by creating new jobs, increasing visitor spending, and adding more to public revenues.
“Directly or indirectly, tourism benefits everyone in Hillsborough County,” said Corrada. “Hotels are the cornerstone of our tourist development effort, but they’re only part of the overall economic picture when it comes to visitor spending. We’re a destination that encourages travelers to get out and explore. In the process, they add billions more to our economy by eating at our restaurants, drinking at our breweries, shopping at our malls, using our transportation network, and enjoying our attractions. With thousands of new hotel rooms on the horizon, we can expect all those other aspects of the destination to benefit as well. A rising tide of hotel revenues lifts all boats countywide.”
In 2014, Corrada announced “30 in 3,” Visit Tampa Bay’s campaign to reach $30 million in Tourist Development revenues within three years. The destination achieved that goal at the end of 2017, launching it into the ranks of Florida’s elite high-impact tourism counties. As a result, the Hillsborough County Board of County Commissioners agreed last year to raise the county’s TDT levy from 5% to 6%, generating millions in additional revenue to tourism and key tourism-related facilities such as the Tampa Convention Center, Amalie Arena and Raymond James Stadium (host of the upcoming Super Bowl LV in 2021).
At the end of 2019, Hillsborough County’s hotels reported overall revenues of $756.4 million, according to industry analyst STR. Occupancy averaged 73.4%. Room supply was up 3.8% while demand was up 4.1%.
“With new flights from the West Coast and Europe, highly anticipated new attractions, major sporting events and conventions, and several high-profile new hotel properties set to open this year and next, Tampa Bay is poised to see even greater economic benefits from tourism going forward,” said Corrada. “That will translate into more jobs, more visitor spending, and more public revenues to spend on schools, roads and other uses. Tourism works 24/7 to build the future for everyone in Hillsborough County.”