Hotel Industry Outlook for 2003 Revealed

January 28, 2003

Hotel Industry Outlook for 2003 Revealed
In its 2003 lodging outlook released yesterday, Ernst & Young is predicting the average daily rate for U.S. hotels will increase by approximately 2 percent.

According to USA Today.com, the average occupancy rate and revenue per room are projected to surpass 2002 levels but stay below 2000 rates. In 17 of the top 23 hotel markets, rates are projected to rise, while dropping in Salt Lake City, New Orleans and Philadelphia.

The year 2002 was the worst in 20 for hotels in almost every major market. Many hotels cut prices while about 60 percent eliminated positions or shifts and cut hours for employees in other areas.

To read more, visit USA Today.com.