US hotel industry up to $22.6 billion
Monday, 09 Nov, 2006
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As predicted, the US lodging industry had its best year ever in 2005 with pretax profits of $22.6 billion, up from $16 7 billion the year before, according to AH&LA.
The American Hotel & Lodging Association’s (AH&LA) annual report said the industry’s overall profitability grossed $122.7 billion in total sales compared to $113.7 billion in 2004.
A major reason included the industry’s ability to raise room rates due to increased demand from both leisure and business travelers.
“Other indicators — promotional spending, average occupancy rate and revenue per available room — also point to a stronger lodging industry performance ahead,” said a report by the AH&LA.
Other interesting facts in the report:
- In the US, tourism is currently the third largest retail industry, behind automotive and food stores.
- Travel and tourism is the nation’s largest services export industry and one of America’s largest employers.
- Travel and tourism is the first, second or third largest employers in 30 of the 50 US states.
- States last year spent $666.6 million for the development and promotion of the industry.
- The state of Utah’s promotional budget increased the most, nearly 300% from $4 to $16 million.
- Hawaii spent more than any other state with $69.2 million.
- The tourism industry overall includes more than 15 interrelated businesses, ranging from lodging to airlines.
- Resident and international travelers in the US spend an average of $1.8 billion a day or $1.2 million a minute.
- Tourism generates $654 billion in sales (excluding spending by international travelers on US airlines).
- The average room rate in 2005 was $90.88.
Report by David Wilkening
David
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