Hoteliers see too much room at the inn
January 07, 2009 |
Fortunes of the once-highflying hotel industry fell hard at the end of 2008 and the prospects for 2009 look grim as anxious 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.
That's terrible news for those in the hospitality industry, and the stocks of publicly traded hotel companies are taking a beating as investors flee.
In their suffering, however, many hotels will give travelers a break in the months ahead by lowering prices or offering incentives such as free meals in hopes of enticing more business.
"We just get creative," said Mehdi Eftekari, general manager of the Four Seasons Hotel in Los Angeles, where he says occupancy is down slightly. Incentive packages might include a free breakfast, car rental or spa treatment with room booking. Perhaps they will offer paying guests their third night free.
Get the full story at the Los Angeles Times
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