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!