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Hotel Occupancy Down, Room Rates Holding On

LOS ANGELES-At a meeting of the Hoteliers International of Los Angeles', David Sheatsley, research director of the Los Angeles Convention & Visitors Bureau, says the LA market is unique in that room rates didn't drop much post 9-11.

By Peter Landau | Updated on May 03, 2002

LOS ANGELES-”The Los Angeles market is unique in that after the economic downturn and the terrorist attacks of 9/11 room rates did not drop terribly,” said David Sheatsley, research director of the Los Angeles Convention & Visitors Bureau, opening a recent meeting of the Hoteliers International of Los Angeles’.

Sheatsley did acknowledge that there has been some erosion of rates and that some areas are improving more rapidly than others are. The sector hit hardest is the Downtown submarket, with Hollywood flat, Pasadena doing well and Santa Monica picking up.

The San Fernando Valley market is still struggling, and the Airport region has taken the greatest toll in room rate reduction, Sheatsley says. This is due to air traffic being off and the large question mark that looms over business travel budgets, he says. Over the last three months, however, LAX passenger traffic has been gradually improving.

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