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Hotel bargains getting extinct
Bargain hotel rates are getting harder to find, according to the latest study by the Atlanta-based PKF Hospitality Research and the Boston-based Torto Wheaton Research.
Room rates across the top 50 US hotel markets should increase this year by 4.7%, the study found.
“The anticipated room rate increases in New York City of 13.7 percent in 2005 will lead the nation,” noted R. Mark Woodworth, executive managing director of PKF Hospitality Research.
Occupancy rates there are higher than 80%, he added.
The US’s more affordable hotels are generally located in smaller markets.
Four of the nation’s Top 50 markets are forecast to experience slight declines in average room rates. Those four are Houston, Kansas City, Columbus, and Cleveland.
“In general, we expect the interior markets to continue to recover at a slower pace than the country as a whole,” said Mr Woodworth.
Report by David Wilkening
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