US hotel year end results

US hotel occupancy last year reported by Smith Travel Research indicates momentum for the coming year. The industry reporting company said occupancy last year was near 59.2%, or 0.2% higher than the previous year In the fourth quarter of 2003, industry occupancy reached 55.2%, an increase of 2.8% over the fourth quarter of 2002. ”We expect this momentum to continue in 2004,” said Mark Lomanno, president of Smith Travel Research. He cited healthy demand in growth combined with continued moderate supply increases as reasons for a good year — barring unforeseen events. Average room rate declined only 0.1% to $83.28. Revenues per room (REVPAR) increased 0.2% over the last year. Mr Lomanno said hotels this year might be increasing rates.