The average U.S. hotel suffered a 19.4 percent decline in profits in 2001, according to the 2002 edition of Trends in the Hotel Industry-USA, which is published by PKF Consulting and the Hospitality Research Group. The downturn represents the first decline in hotel profitability since 1991, and the largest single-year drop since 1938. The firm projects a continued decline in hotel revenues in 2002. Convention hotels endured the greatest fall-off in revenue (12.9 percent) and profits (24.3 ...

Register for Complete Access (Valid Email Required)

By registering on MeetingsNet now, you'll not only unlock the It's Official: Hotels Suffer Steep Fall, you'll also gain access to exclusive premium content.

Already registered? here.