Lodging experts see U.S. hotel rates falling in ‘10
January 28, 2010 |
U.S. lodging experts forecast another year of declines for hotel room rates and profitability as the industry continues to grapple with weak demand and a growing supply of new rooms, reports Reuters.
Data firm Smith Travel Research forecast a 3.2 percent drop in both room rates and revenue per available room (RevPAR) for 2010.
"Room rate recovery will be protracted," Mark Woodworth, president of PKF Hospitality, told the Americas Lodging Investment Summit on Monday. "
The projected declines come after the lodging industry suffered one of its worst years. RevPAR fell an unprecedented 16.7 percent in 2009, while room rates slumped 8.8 percent, according to STR data.
Hotel operating companies responded to the downturn by cutting room rates in an attempt lure both vacationers and corporate customers. The sharp decline in room rates, known as the Average Daily Rate (ADR), remains a major stumbling block for the industry's recovery.
Get the full story at Reuters
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