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Hoteliers hold their breath as gas prices soar: bookings on par now, but key drive-market cities may put brakes on travel.

Publication: San Diego Business Journal
Publication Date: 24-APR-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Hoteliers hold their breath as gas prices soar: bookings on par now, but key drive-market cities may put brakes on travel.(Direct economy rise of gas)

Article Excerpt
A recent spike in gasoline prices and the expectation that they will go even higher in the coming months has some local innkeepers predicting a downturn in summer travel, while others are optimistic that tourism will remain strong in 2006.

Analysts have predicted that per-barrel oil prices, which surged above $70 last week, could soon rise to $100, and that gasoline, which averaged above $3 a gallon throughout the county, could soon reach $4.

"It's going to be terrible," said Joe Terzi, a regional manager for Starwood Hotels and a former chairman of the San Diego Convention & Visitors Bureau.

Terzi emphasized that since San Diego's lodging industry derives most of its summertime leisure business from people who drive from Los Angeles, Arizona and Nevada, further increases in gasoline prices will have a dramatic effect on the visitor count.

On a brighter note, Terzi said Starwood's summertime reservations "still look strong." Nevertheless,...

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