|
Article Excerpt
As the hotel industry reaps potentially record profits in 2006, properties likely will reinvest their revenues in construction and renovations. Executive board meeting space is at the top of the list for many properties, and hoteliers said they are luring high-end corporate groups with cutting-edge technology, facilities and amenities, and giving their boardroom space a more modern look.
Major chains last month announced their first-quarter earnings (BTN, May 15), posting strong gains in revenue per available room. PricewaterhouseCoopers predicted that profits for the hotel industry could reach $25.6 billion this year, surpassing a record of $22.5 billion reached six years ago.
The increased revenue is fueling a surge of capital investment, according to PricewaterhouseCoopers. A record $4.8 billion was invested in the U.S. lodging industry in 2005, 50 percent more than in 2004. This year, capital investment is expected to increase to $5 billion.
While much of the investment is slated for sleeping room enhancements, technology is a major area of investment--especially in the form of Internet connectivity--as well as design enhancements "meant to appeal to 'Gen X-ers' and 'Millennials,'" according to PwC.
A survey released in late March by Washington D.C.-based Krisam Group,...
|
|
More articles from Business Travel News
Starwood to sell more hotels, accent branding, RevPOR., June 05, 2006
ACTE must seek new prez., June 05, 2006
New Orleans CVB launches incentive award., June 05, 2006
Buyers struggle to navigate tech maze; dispelling meetings technology ..., June 05, 2006
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
|
