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Hoteliers face weak recovery; "There's basically no pricing power left because occupancy levels are so low'.

Publication: Crain's Chicago Business
Publication Date: 21-SEP-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Hoteliers face weak recovery; "There's basically no pricing power left because occupancy levels are so low'.(NEWS)

Article Excerpt
Byline: ALBY GALLUN

The economic outlook may be brightening, but the first seven months of the year were brutal for downtown hoteliers.

Occupancies at downtown hotels fell to 64% through the end of July, down from 70% a year earlier, and the lowest level since 2002, according to Smith Travel Research Inc., a Tennessee-based research firm. The average daily room rate fell 19%, to $154.50, roughly...

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