US lodging industry looking at record summer
The US lodging industry this summer will reach a new record of occupied rooms, predicts PricewaterhouseCoopers.
“This summer will be another great season for the lodging industry, although not another record year, as increasing supply exceeds demand growth during the summer for the first time in four years,” said Bjorn Hanson, Ph. D., principal, Hospitality & Leisure practice for Price.
The industry will have 3.14 occupied rooms million this summer, breaking the previous record of 3.08 million occupied rooms per night in 2006.
The summer occupancy in 2007 is forecast to be slightly lower than 2006, 69.6%, the second-highest since the peak of 72.1% in 2001.
The occupancy for the five-day weekend of the fourth of July, which falls on a Wednesday this year, is expected to be dispersed between the prior and later weekends, with an occupancy of 69.2%.
According to PricewaterhouseCoopers, the effect of increased gasoline prices on room night demand will be “pronounced” in 2007, with gasoline-induced occupancy declines concentrated in the second, third and fourth quarters of 2007.
There is also emerging price resistance following hotel average daily rate increases of 5.5% and 7.1% in 2005 and 2006, respectively, based on Smith Travel Research data.
Report by David Wilkening
David
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