The U.S. lodging industry is well into its fourth year of recovery from the great recession of 2009. One of the pleasant surprises of the current recovery has been the very strong return of lodging demand.
Since 2001, PKF Hospitality Research, LLC (PKF-HR) has assessed the accuracy of hotel budgets. Over the past 12 years, one trend has become very predictable. During times of industry prosperity, hotel budgets are extremely accurate.
NOAA image of Superstorm Sandy, after hitting Eastern Seaboard
Superstorm Sandy looks likely to push down quarterly profits for national hotel chains and the travel industry. Sandy, which accounts for at least 56 storm deaths in the Eastern Seaboard as of Thursday morning, crippled much of the coastal areas of New Jersey and New York.
In 2010 it was the ability of U.S. hotel managers to control labor costs that was the driving force behind the subdued 3.4 percent increase in total operating expenses posted by the properties in our Trends in the Hotel Industry survey sample.