PHILADELPHIA-The recession's hit on business travel has definitely taken its toll on the hotel sector. Conference centers feel even more pain, though, according to a recent report.
Last year, conference centers saw net operating income fall 43.5%, according to a report out of the locally based office of Colliers PKF Consulting USA. By contrast, the average hotel net income dropped 35.4% during the same period.
Revenues in the conference arena also took a hit. Total revenue per occupied room dropped 9.2%, with resort and executive centers experiencing the biggest drawbacks. On a brighter note, facilities in educational venues only experienced a 2.4% dip.
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