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Hotels facing dire outlook for 2009
A number of reports released this week have indicated that the global hotel industry is facing its toughest challenge in decades.
Data from STR shows that hotels in the US have posted declines in three key performance measurements this spring, while operators in Asia Pacific reported double-digit decreases when for all three key performance metrics for February 2009.
In the US, occupancy is 10.7 percent behind last year's figures and currently stands at just 57.4 per cent. This has lead to a dramatic decline in RevPAR, which is at an eye-watering low of US$55.83 (£37, 42 euro).
Among the US' top 25 markets, Detroit, Michigan, reported the largest decrease in occupancy (30.6 per cent to 43.1 per cent). Chicago, Illinois, was the only other market to report a decrease in occupancy of more than 20 percent, falling 23.1 per cent to 54.0 per cent.
In Asia Pacific, occupancy dropped 14.4 per cent to 60.6 percent, while average daily rate declined 19.5 per cent to US$117.46 (£81, 90 euro) and revenue per available room fell 31.1 per cent to US$71.14 (£48, 54 euro).
STR's data was followed by a report by PricewaterhouseCooper (PwC), which showed that in the UK, 200 per cent more hotel companies went bust in Q1 2009 than in the same quarter last year.
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