04 November 2009

Survey says hotel occupancy rates stabilizing for good

Hotel occupancy rates are finally stabilizing, a soon-to-be public Hyatt Hotels Corp. told potential investors.
 

The hotel company, which is privately held mainly by the founding Pritzker family and which observers expect will launch its initial public offering soon, said it believes the trend will continue for the remainder of the year.
 

"However, we expect that there will likely be continued pressure on average room rates," the Chicago company wrote in a document filed with the Securities and Exchange Commission.

The Washington Post said the document went on to say:
 

"The current economic environment makes it difficult for us to predict future demand for our hospitality products and services."
 

Competitor Starwood Hotels & Resorts Worldwide Inc., which owns Sheraton hotels, said its third-quarter profit sank 64 percent. But executives there also said occupancy rates were starting to recover.
 

By David Wilkening
 

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