New STR forecast not optimistic for 2010, but definitely 2011
November 20, 2009 | Hospitality Industry
According to Smith Travel Research’s latest U.S. industry forecast, an uptick for the hotel industry won’t come soon - as in the next six or eight months - but it should be in full swing by 2011. Hopefully, that is.
“I wouldn’t call it optimistic for 2010, but it’s definitely optimistic for 2011,” said Mark Lomanno, STR’s president. “Overall conditions in the economy will begin showing significant improvement as 2010 unfolds, and that will help fuel a recover for the hotel industry.”
“2009 has been an extremely difficult year, but in spite of that difficulty, the hotel industry has remained profitable overall,” said Randy Smith, STR’s co-founder and chairman. “There are a lot of individual properties in trouble, and we haven’t seen the end of properties in serious trouble, but overall the industry has continued to make money. This industry still makes money, and that’s more than a lot of industries can say.”
The company’s revised forecast includes some tweaking of its 2009 and 2010 outlooks, as well as its first look at 2011 for the hotel industry.
Get the full story at HotelNewsNow.com
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