2003 Performance Will Exceed Levels
Achieved in the Year 2000
|Atlanta. November 19, 2003. PKF Consulting
and the Hospitality Research Group have released their U.S. lodging industry
forecasts for the 2003 holiday season. The forecasts incorporate
an analysis of historical holiday performance, as well as data from the
firm’s Fall 2003 Hotel Outlook forecast.
According to Dr. Jack Corgel of HRG and Cornell University professor, “We believe that the recovery in the U.S. lodging industry that started in the third quarter of 2003 will continue into the fourth quarter and boost hotel performance levels for the holidays above those achieved in the year 2000. Like most recovery periods in the past, the gains in revenue will be primarily attributable to increases in occupancy. We continue to believe there is enough softness in the market that will not allow hoteliers to increase room rates.”
HRG Took a number of factors into consideration in the current forecast of 2003 holiday performance:
Thanksgiving Holiday Period
Christmas Holiday Period
Smith Travel Research (historical data)
For more information about national and local market hotel forecasts produced by HRG and its partners at Torto Wheaton Research, please contact Claude Vargo at (404) 842-1150, ext 237.
The Hospitality Research Group (HRG), headquartered in Atlanta, is the research affiliate of PKF Consulting, the international consulting and real estate firm specializing in the hospitality industry. PKF Consulting has offices in New York, Boston, Philadelphia, Washington DC, Atlanta, Houston, Dallas, Los Angeles, and San Francisco.
|Also See:||2003 First Half Hotel Profits Plunge; Average U.S. Hotel Suffered 11.9% Decline in IBFC During the First Six months of 2003 / PKF / October 2003|
|Operating Profits for the Average U.S. Hotel Dropped 9.6% in 2002, This After a 19.4% Decline In 2001 / PKF Consulting - HRG Annual Hotel Trends Report / April 2003|
|Hotel Benchmarking Revisited; Bottom-Line Comparisons Among Similar Properties Are the 'Bottom Line' / May 2003|