Bright outlook for hotel industry in 2003
The hotel industry has reached the bottom of its economic downturn and looks set to improve during 2003 provided there is no war with Iraq.
This is according to a recent report from Deloitte & Touche and Smith Travel Research.
The report monitored the performance of over 6,000 hotels around the world in 2002. It found decreasing occupancy rates of one percent and 1.7 percent in Europe and the US respectively during 2002. This was accompanied by an increase in room rates in Europe of 5.3 percent and decrease in room rates in the US, of 1.5 percent.
Commenting on the US market, Smith Travel Research chief executive, Randy Smith said: “Assuming the current economic and political environment remains fairly stable, room demand should gradually improve when combined with low supply growth, both occupancy and room rates should show modest improvement in 2003.”
Deloitte and Touche HotelBenchmark partner, Marvin Rust commented on the market outside the US. He said: “We are encouraged by the positive signs that the international hotel industry may have reached the bottom of the cycle, and absent of a protracted confrontation in Iraq, we are cautiously optimistic about the prospects for the insutry in 2003.”
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