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Boom Times Ahead for Lodging Industry

PORTSMOUTH, NH-Record profits are in store for the lodging industry in 2007 and 2008 as occupancy and room rates continue to inch upward, industry experts tell GlobeSt.com.

By Beverly Ford | Updated on October 24, 2006

PORTSMOUTH, NH-The nation’s lodging industry could see record profits in 2007 and 2008 as hotel occupancy reaches historical highs in many cities, according third quarter lodging industry results by locally based Lodging Econometrics Inc.

“We expect 2007 to be a terrific year,” says Patrick Ford, president of Lodging Econometrics, an authority on hotel real estate. “We should see record breaking profits in ’06, record-breaking profits in ’07 and a very strong ’08.”

Fueling the industry’s growth is strong economic indicators that should drive up business and tourist travel to bring in record profits for hotel owners, according to both Ford and Bjorn Hanson, a hospitality consultant with PricewaterhouseCoopers in New York.

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