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Hotel recovery continues into third year
Thursday, 24 Oct, 2005
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The hotel industry is in its third year of economic recovery, according to the latest edition of Lodging Econometrics. Said Patrick Ford, president:
“With today’s pipeline totals nearly 30% less than the cyclical high set in 1998, the industry is still on pace for record profit growth in both ’06 and ’07 as the new supply forecasted to come online will not be significant.”
Other trends noted in the report by Lodging Econometrics, an industry authority for hotel real estate:
- The independent chain scale is growing rapidly. Many of the new hotels have not yet selected a brand.
- There’s an explosion of condo hotels, the majority of which are opening as independents.
- Another 132 hotels with 16,653 rooms are opening in the top 25 markets, which is a sign of good health.
Report by David Wilkening
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