Source: orlando.bizjournals.com
Analysts from PKF Hospitality Research are projecting that Orlando area hotels will close 2009 with a 21.8 percent decline in revenue per available room, compared to 2008. This decline way exceeds the projected 17.8 percent drop for the U.S. as a whole.
Underpinning this dire forecast for the Orlando area, is a projected 9.7 percent decline in demand and a 2.6 percent increase in supply of hotel rooms which will come from the opening of three large Hilton hotels this year.
PKF is projecting that Orlando occupancy levels’ yearly average will decline from 65 percent in 2008 to 57.2 percent in 2009. The researchers are also projecting a fall in room rates to $95.22 in 2009 from $107. 13, last year.
PKF Hospitality Research is the research affiliate of PKF Consulting, an international firm of management consultants, industry specialists, and appraisers who provide a full range of services to the hospitality, real estate, and tourism industries.
