Hotel profits on the upswing
A resurgence in bookings and check-in traffic at US hotels last year translated into profits for the first time in three years, according to a new research report.
Hotel profit growth was in the 14% to 16% range, says PKF Hospitality Research Consulting.
The typical US Hotel saw profits rise 11.4% last year over 2003.
“In general, it appears that the larger hotels with higher room rates experienced the greatest increases in profitability during 2004,” said R. Mark Woodworth, executive managing director of the Atlanta-based PKF.
But those properties were also among the hardest hit during the 2001-2003 recession, he added.
Resort hotels had the greatest profitability increase last year, growing by 17.2%.
Revenues from sources other than rooms also grew across the board with the exception of telecommunications, which fell almost 10% in 2004.
PKF’s 2005 “Trends in the Hotel Industry” report took into account more than 5,000 US hotels.
Report by David Wilkening
David
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