Hotel Accommodations - US - November 2011
The hotel industry, including hotels and motels, casino hotels and bed and breakfast inns, has had a tough go of it in the troubled economy, as both leisure and business travel waned. Sales were flat in 2008, followed by an 11.8% drop in 2009. Subsequent growth is evident, but meager when taking into account the necessary climb to get out of the hole created by the recession.
Leading operators have not gone down without a fight, and incentives such as rate discounts, ramped up loyalty programs and complementary amenities have been employed to attract guests. However, as the industry continues to improve and demand for rooms increases, new challenges emerge. This report details what can be learned from what the industry experienced at the height of the recession, as well as what needs to be done to ensure future growth, including:
- Sales trends and revenue forecasts of three segments that comprise the paid accommodations market, and the external forces driving growth
- Factors that are keeping growth in check, such as competing accommodation choices and continued high industry unemployment
- A discussion of leading hotel brands, which chains have fared best over time, and how this relates to recessionary initiatives
- How revenue sources are shifting, fee implementation, and how to best maximize returns without alienating guests
- The most important factors guests consider when choosing hotel accommodations
- How demographic factors such as gender, age, lifestage and household income impact guest wants and needs
- Which amenities are most important, to whom, and which guests are more likely to pay extra for additional perks
- The importance of loyalty programs, who is using them, and opportunities for growth
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