In 2001, hotel occupancy should rise slightly and room rates should rise by 3%, says Rich Warnick, head of Warnick & Co., a Phoenix-based hotel analysis firm. "If there's a recession you can expect to see that hotel occupancies are going to drop off," he says.
Those predictions all go by the wayside if the recession is longer and deeper than expected.
The past year saw the Valley finally absorb the glut of rooms that have come onto the market in the past five years, mostly in the form of limited service hotels. The Valley also saw an increase in the number of visitors.
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