Recent reports by leading hotel industry analysts are showing dramatic reduction in hotel occupancy rate and average daily rate.
Both Hospitality.net and Hotelsmag.com, show the dramatic decrease in the hotel business across the U.S. in 2008.
According to Hospitality.net:
“The U.S. hotel industry finished 2008 with a 60.4-percent occupancy rate, an average daily rate of US$106.55 and revenue per available room of US$64.37, according to data released today from STR.” Download the Monthly Hotel Report December 2008.
According to HostelsMag.com:
“In year-over-year measurements, the industry’s occupancy fell 12.9 percent to end the week at 48.3 percent. Average daily rate dropped 4.0 percent to finish the week at US$101.96. Revenue per available room for the week decreased 16.4 percent to finish at US$49.22.”
As consumer spending across the globe falls and fears of recession, job loss, and tighening consumer credit take their toll, the hospitality trade is seeing its business tumble.
Image by 1234abcd under Creative Commons.
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