Operations

Hotel Rates and Occupancy Expected to Rise

Posted on February 1, 2006 by LCT Staff - Also by this author - About the author

NEW YORK CITY — Ernst & Young released its 2006 U.S. Lodging Report, forecasting increases in average daily rate and occupancy through each major market, particularly in New York. Ernst & Young predicted a 13% jump in Manhattan's daily rates in 2006, a number fueled by decreasing supply. "In Manhattan, there is more compression on the market due to conversions of hotels to residential use," said Michael Fishbin, national director of hospitality services at Ernst & Young.

Other cities, such as Atlanta and Dallas, aren’t experiencing the same growth numbers as Manhattan or Washington, D.C. "With Dallas or Atlanta, for example, you're talking about a market where occupancy percentage rates are in the low to mid-60s — 20 points or more lower than Manhattan, which provides for a lot less pricing power for hotel owners," Fishbin said.

Source: Business Travel News

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