NEW YORK CITY-It looks like the hotel industry is poised to recover in 2013, at least, that what Ernst & Young's Global Hospitality Report for 2013 predicts. According to the firm, key markets--New York City, San Francisco, Chicago and Los Angeles--are showing signs of expansion and growth. This is said to be the case thanks to a higher ADR and improved occupancy rates.
Most significantly, however, the report states: “the effects of a slow and stubborn recovery are positioned to materialize in 2013.” Add to this figures from PKF's December 2012 Hotels Magazine, and things are looking sunnier for hotels this year:
“Positive lodging fundamentals, including a projected RevPAR compound annual growth rate of 7.2% through 2016, is anticipated to strengthen the US lodging market going forward. The US hotel market set to prosper through 2016,” say E&Y.
As always, our January issue of Real Estate Forum Magazine includes our Hotels Perspectives, which unpacks what industry professionals think of the sector over the coming year. But we're looking for extra data. And here's where you come in. Share in the comments section below or email [email protected] (that will be me) your 2013 outlooks, data from the close of 2012 or pass on how you think hotels will perform. Insights and information will be featured in a future Globest story.
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