Operations

Hotel Rates and Occupancy Expected to Rise

LCT Staff
Posted on February 1, 2006

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

LCT Staff LCT Staff
Comments ( 0 )
More Stories
Article

Among The Leaders At The LCT Summit

AUG. LCT: The top operators in the luxury transportation industry who attended this year’s exclusive annual executive conference offer some best practices that can work in your operation.

Johnny McBride, owner of Lux Rides
News

Arizona Operator Goes From Gig To Good

eNews Exclusive: Johnny McBride would have never been exposed to the idea of a luxury transportation company if he hadn’t gotten his start as a part-time driver. 

Article

ELDs: Do You Really Need Them?

AUG. LCT: After April 1, 2018, drivers found out of compliance with electronic logging devices could be ordered out of service. Is your service at risk?