Hotel Market Recovers in 2000, but Outlook Not as Optimistic

PHOENIX-The turnaround that occurred in the Valley's hotel market during 2000 may be short-lived if the economy continues to slide, but there are positive signs for the market, according to the new survey.

By D.J. Burrough | Updated on February 26, 2001

PHOENIX-The Valley’s hotel market turned brighter last year after several dismal years, but that sunshine might be soon eclipsed.

Even with an ever growing supply of rooms, demand exceeded the new growth during 2000, which helped room revenue grow by 8.4%, according to Smith Travel, a Henderson, TN-based hotel industry research firm.

Another positive sign from last year, the overall occupancy rate for the year was 63%, up 1.1% from the prior year. The average room rate in the Valley also rose by just under 2% during 2000, up to $100.61, the Smith Travel survey showed.

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