As predicted by industry experts, a general overall weakening of the economy and the after-effects of the September 11 terrorist attacks tremendously…
As predicted by industry experts, a general overall weakening of the economy and the after-effects of the September 11 terrorist attacks tremendously affected the lodging industry following 10 years of record-breaking performance. This is reflected in the American Hotel & Lodging Association’s (
According to the LIP, the lodging industry’s overall profitability declined in 2001, by grossing $103.6 billion in total sales and $16.1 billion in pretax profits – compared to 2000’s $108.5 billion and $24.0 billion, respectively. However, the LIP’s other facts -promotional spending, employment impact, average occupancy rate, and average room rate – illustrate the hotel business’ steady and forthcoming growth.
The events of last year had a damaging effect on our industry as well as our nation. After being successful for several years, adjusting to the unexpected was and continues to be a ongoing process for several hoteliers. However, our industry is built with leaders who have exemplary skills and are pushing through this period without changing the way they treat their guests, said AH&LA President and CEO Joseph A. McInerney, CHA. Though this time may seem discouraging, we are hopeful that a full recovery is imminent in the upcoming quarters.
Information contained in the LIP is based on data provided by the American Economics Group, Inc.; D.K. Shifflet & Associates, Ltd.; Smith Travel Research; the Travel Industry Association of America; and the U.S. Department of Commerce, International Trade Administration, Office of Travel and Tourism Industries.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
