Any day now, it will become a buyer’s market for hotel rooms.
Check this out. Occupancy rates are falling, and growth in average daily rates and revenue per available rooms are bound for negative territory for the first time since 2003, according to the latest PricewaterhouseCoopers forecast.
It calls for a “substantial slowdown” in the lodging industry.
I told you this was going to be a good fall for travelers.
Here’s the official explanation, courtesy of PricewaterhouseCoopers’ Scott Berman.
The convergence of increased gas prices, reduced airline capacities, and declining consumer confidence are contributing to this expected slowdown in the US lodging industry.
Should economic growth and consumer confidence return in 2009, so will lodging industry metrics, though certainly not at the levels seen between 2005 and 2007.
In other words, it’s time to travel!
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It’s already started. My husband and I are planning to spend the weekend in Nashville, Tenn. A cursory look at hotel room rates really surprised me. They are at least 20 percent lower than they were even as recently as March, the last time we were there. A hotel room that went for $84 in March is $56 this weekend. Some deals are better than others, but it’s pretty obvious rates are coming down.
Hey-just found the site/link /blog when looking for a small but interesting hotel for my husband and I to check out while in NYC. I teach kindergarten and he’s a bike courier so we like things a little eclectic (too bad THE JANE doesn’t have the double rooms available yet!)
We plan to be in town from the 7th-13th October and were panicking about the rates displayed by everyone. We really don’t want to stay in Queens.
We’ll take a bit of a breather and hope that Elliot’s prognastications are all correct.
Great stuff; do keep at it. :0)