Texas Grow 4.02% Over Previous Year
August 18, 2004 - Virtue Group has released the quarterly results of the Texas Hospitality, Bar, and Restaurant Report (collectively known as the Texas Hospitality Indicator) for the second quarter of 2004.
The quarterly report observes three key performance indicators for the hospitality industry in the state of Texas; Sales for hotels and lodges, food and beverages sales estimates for full service restaurants and alcoholic beverage sales of full service bars and restaurants.
Hotel sales in the state of Texas grew by 4.02 percent over last year with 1.2 billion dollars in the second quarter. (2004 q2: $1,243 mil. 2003 q2:$1,193 mil.)
During the quarter, 280 new hotel properties have opened in the state, while only 10 have shutdown or changed hands. Last year's second quarter saw 284 hotels open their doors, while 193 closed or changed hands.
Full-Service Food and Beverage Sales
Full-Service restaurants consist of restaurants that serve food, beer, wine, and hard liquor.
Full-Service food and beverage sales estimates totaled 1.056 billion dollars for the second quarter, a 5.07% growth over the same quarter last year which had 1 billion dollars in sales.
Three-hundred new full-service restaurants opened during this quarter and 149 shut-down or changed hands. During last year's second quarter, 302 establishments opened, but 211 closed their doors.
Full-Service Alcoholic Beverage Sales
Virtue observes the mixed-beverage sales in the State of Texas which includes the sale of all alcoholic beverages in bars, restaurants, and clubs that serve liquor.
Alcohol sales this quarter were 780 million dollars, a growth of 6.95% over the same quarter last year which had sales of 726 million dollars.
During the quarter there were 503 new establishments that sold alcoholic beverages, 80 establishments closed their doors or changed hands. During the same quarter last year, there were 574 new establishments, but 474 closed their doors or changed hands (these numbers include full-service restaurants).
Texas Hospitality Indicator
The THI rose 5.1% over last year's second quarter, an increase of 158 million dollars to 3.08 billion dollars.
Although approximately the same amount of new establishments have opened up in this quarter compared to the same quarter last year, much fewer establishments have closed their doors or changed hands indicating a healthy but less competitive state of economy for the hospitality industry state-wide.
This quarter marks the fourth consecutive quarter that Texan hotels have achieved positive growth rates since the September 11th attacks, indicating a complete recovery for Texas' hotels since the attacks.
The Texan alcoholic beverage market, which has had the smallest effect from the September 11th tragedy, continues to grow the fastest while full-service restaurants are slightly behind.
Virtue Group, based in Galveston, Texas, provides intelligence and technology solutions on Texas's hotels, bars, and restaurants.
|Also See:||Supply and Demand or Price Gouging? Some San Antonio Hotels Charging Double and Triple the Normal Rates During NCAA Final Four / April 2004|