Tuesday, May 4, 2010

Hotel Industry: Worst Decline Since the 1930's

ATLANTA, May 3 /PRNewswire/ -- According to survey results in the recently released Trends® in the Hotel Industry report issued by PKF Hospitality Research (PKF-HR), the average U.S. hotel suffered a 35.4 decline in profits in 2009. This is the greatest annual fall-off in the bottom line since PKF-HR began tracking the industry in the 1930s.

"Declines in revenues make the headlines, but the bottom line is where the rubber meets the road for owners," said R. Mark Woodworth, president of PKF-HR. "The 35.4 percent decline in profits realized in 2009 has severely stressed borrower/lender relationships throughout the country as delinquencies, defaults, foreclosures, and bankruptcies continue to escalate."

"2009 was such a singular year in terms of hotel expenses and profits," he added. "As the industry approaches a turn, all parties with a vested interest in the bottom line should be measuring their performance against that of comparable facilities to insure that optimum operational efficiency is being realized. Because of these extraordinary times, the detailed 2010 Trends®data is more valuable than ever."

http://www.prnewswire.com/news-releases/bottoms-down-hotel-profits-decline-record-354-percent-according-to-pkf-report-92662089.html

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