The slowly-rebounding economy seems to have good news for the hospitality industry. At least that is what PFK Hospitality Research is reporting in their annual "Trends in the Hotel Industry" report. They predict profits to top pre-recession levels in the coming months--by the end of 2014.
This annual report is a compilation of hotel operating statistics that has a publication history dating back to 1937. This year's report is based on survey results from about 7,000 hospitality properties in the U.S., which voluntarily participated.
In 2013 alone, hotel profits increased by more than 10 percent as a result of the 5.4 percent increase in total revenues and despite a nearly 4 percent hike in operating expenses.
As first-quarter earnings reports begin to come in for 2014, it appears the trend has not lost any steam. Marriott International and Hyatt Hotels Corp are set to release their statistical comparison to last year's numbers, but Wyndham Hotel Group has already confirmed a 7 percent increase over 2013's 1Q revenues.
Considering the depth of the recent recession, these reports are quite encouraging for the hospitality industry. If you need help in the Western US, please contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors.
