wigstheone
Apr 8, 02, 7:17 am
The hard-hit lodging market is recovering more quickly than expected, according to an analysis that PricewaterhouseCoopers is expected to release to its clients Monday. That means that hotel-room prices may begin to creep upward again after a year of slashed prices and special deals that drew out more leisure travelers but failed to offset a sharp drop in business traffic.
The New York consulting group has sharply revised its forecast to predict that revenue per available room, the standard measure of hotel-room prices and occupancy, will rise 3% this year. That is up significantly from the group's forecast in February that the measure would fall 1.1%. That forecast had suggested a second bleak year for the hotel industry. "The recovery has exceeded everyone's expectations; I'm even willing to admit, mine," says Bjorn Hanson, chairman of PricewaterhouseCooper's lodging practice.
PricewaterhouseCoopers now predicts that hotels' average daily rates will grow this year by 1% and that occupancies will increase 1.2 percentage points to 61.3% this year. The group says revenue per available room will grow by 4.9% in 2003 and by 4.8% in 2004 -- a significant recovery from 2001.
http://online.wsj.com/article/0,,SB1018222887550557120,00.html?mod=home_whats_ne ws_us
The New York consulting group has sharply revised its forecast to predict that revenue per available room, the standard measure of hotel-room prices and occupancy, will rise 3% this year. That is up significantly from the group's forecast in February that the measure would fall 1.1%. That forecast had suggested a second bleak year for the hotel industry. "The recovery has exceeded everyone's expectations; I'm even willing to admit, mine," says Bjorn Hanson, chairman of PricewaterhouseCooper's lodging practice.
PricewaterhouseCoopers now predicts that hotels' average daily rates will grow this year by 1% and that occupancies will increase 1.2 percentage points to 61.3% this year. The group says revenue per available room will grow by 4.9% in 2003 and by 4.8% in 2004 -- a significant recovery from 2001.
http://online.wsj.com/article/0,,SB1018222887550557120,00.html?mod=home_whats_ne ws_us