Robert Rauch, managing director of the West Coast office of InterBank Brener, says hotel occupancy levels will hover in the low 60% range until March, compared with 75.4% for the year through August.
Revenue fell $100 million in September, with 5,000 hotel employees possibly being laid off as a result of the Sept. 11 terrorist attacks.
Hotels nationwide have seen their occupancy rates plummet as a result of the Sept. 11 attacks. Concerns about airport security hassles have sliced into airline passenger traffic.
Occupancy rates fell by 15-17% in September while revenue per available room fell as much as 24%, according to a report by Smith Travel Research.
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