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.
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