Hotel industry prepares for worst of times
January 22, 2009 |
Experts say hotels are bracing for what could be one of the largest year-over-year declines in occupancy and revenue in U.S. history. But one benefit from the situation is that some hotels' unprecedented bargains could sway travelers to return after the lean times end.
Hotel industry fortunes fell hard at the end of 2008, and the prospects for 2009 look grim as Americans cut travel spending and leave plenty of room at the inn.
Hotel operators have seen room reservations fall drastically as business travelers and vacationers cut down on trips. In 2009, U.S. hotels will suffer one of the greatest annual declines in occupancy and revenue in history, according to analysts.
In their suffering, however, many hotels will give travelers a break by lowering prices or offering incentives, such as free meals, in hope of enticing more business.
Get the full story at the Chicago Tribune
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