"We do this in July to help hotels create budgets for nextyear," Art Canter, executive director of the Massachusetts LodgingAssociation, tells GlobeSt.com. "But after September 11, we saw weneeded to revise those numbers." The numbers, notes Canter aresignificantly less than last year.

For instance, according to data provided by innacle AdvisoryGroup, last year's occupancy rates for suburban Boston--which goesout to Route 495--was 75% with average room rates of $110. Thegroup projects that occupancy rates for 2001 will be 62% withaverage room rates of $109. "In the first quarter of this yearoccupancy was up," points out Canter, "but by the second quarter wewere already dealing with the economic slowdown." At the Julymeeting, the group predicted that the area would end the year withoccupancy rates at 72%.

The year 2002 doesn't look much better, according to Canter. In2002, the forecast is that occupancy rates for the area will go upto 64% with average room rates coming down another 2% to$107.30.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.