US hotel industry coming off a record year expects 2008 slowdown
Pre-tax income for the United States hotel industry in 2007 increased 5.3% to a record US$28 billion and the industry posted an all-time best US$139.4 billion in revenues, according to a new study.
That number was over US$6 billion more than the industry generated in 2006 ($133.4 billion)—and for the second consecutive year, gross operating profit as a percentage of revenue came in at 41.3, 2008 Hotel Operating Statistics (HOST) Study issued by Smith Travel Research (STR).
“2007 was another excellent year for the U.S. hotel industry with record revenues and record profits,†said Mark Lomanno, STR’s president. “However, as the American economy slows, we are expecting a tougher operating climate for US hotels in 2008.â€
The HOST Study is the most extensive and definitive database on US hotel industry revenues and expenses. The 2008 version is derived from the operating statements of more than 5,200 hotels.
The HOST Study contains information on hotel revenues and expenses, and presents information by department including rooms, food & beverage, marketing, utility costs, property and maintenance, administrative and general costs, as well as selected fixed charges.
Report by David Wilkening
David
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