Atlanta, GA - August 18, 2011 - PKF Hospitality Research (PKF-HR) Hotel Horizons® forecasts are based on historical lodging data from Smith Travel Research (STR) and economic forecasts from Moody’s Analytics (Moody’s). Each quarter, as we receive new data from STR and Moody’s, we update our lodging forecasts. We recently received Moody’s July economic forecast, as well as year-to-date hotel performance data from STR for the first half of 2011.

After reviewing the new data from STR and Moody’s, we have made the following observations:

• Lodging demand continues to grow at a greater pace than expected given the sluggish economy
• Average daily room rates increased greater than our forecast during the first half of 2011, but are only growing slightly above inflation
• Moody’s outlook for the nation’s economy during the second half of 2011 continues to deteriorate

Based on this new data, PKF-HR has developed a preliminary updated forecast for the U.S. lodging industry. The following table summarizes our preliminary September 2011 forecast.

The September 2011 Hotel Horizons® forecasts for the six national chain-scales, six property location types, and 50 major cities are scheduled to be published shortly. Please check the PKF-HR webstore at www.pkfc.com/store for the availability of our updated forecast reports.

About PKF CONSULTING USA
Headquartered in San Francisco, PKF Consulting USA (www.pkfc.com) is an advisory and real estate firm specializing in the hospitality industry.  PKF Consulting USA is owned by FirstService Corporation and is a subsidiary of Colliers International.  The firm operates two companies: PKF Consulting USA and PKF Hospitality Research.  The firm has offices in New York, Boston, Portland, Indianapolis, Chicago, Philadelphia, Washington DC, Atlanta, Asheville, Jacksonville, Orlando, Tampa, Houston, Dallas, Los Angeles, Bozeman, and San Francisco.