Tuesday, February 24, 2009

Orlando hotel revenue down 15%

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Orlando Business Journal

Orlando hotel occupancy levels fell 7.7 percent in January compared to the same month in 2008, and revenue from available rooms dropped nearly 15 percent, according to Smith Travel Research.

Occupancy and revenue fell in all submarkets and price categories, reflecting the broad decline in the travel industry that has accompanied the nation’s worsening economic condition.

Luxury hotel rooms were the hardest hit, with an 11.6 drop in occupancy and a 17.2 percent decrease in revenue per available room -- the key measure hotels used to assess their financial condition.

Less than 61 percent of the region’s hotel rooms were occupied on average during January, down from 65.7 percent in January 2007. The average daily room rate fell to $108.08 from $117.27 a year earlier.

Smith sampled about 76,000 of the region’s 115,000 hotel rooms. It doesn’t report data from hotels at Walt Disney World.

For the full article.

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