Hotels have refocused on service but haven’t yet raised rates
The latest projections from PKF Hospitality Research show amazing revenue growth on the way for hotels—a 10.2 percent increase in RevPAR. In 2012, that is. At the moment, however, the hotel industry is well into yet another year of declining RevPAR (PKF-HR sees it falling 1.1 percent in 2010), as it waits for income and employment gains to take hold in the United States. Still, the trend is one of gradual improvement—“a strengthening story,” in the words of Tom Storey, president, Fairmont ...
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