CHICAGO-A downturn in business in the last three months and the realization that considerable inventory will enter the market in the next few years has put a damper on what had been a good year for the hotel sector here.
Revenue per available room in September, October and November fell from levels recorded during the same period in 2012. The REVPAR decline was the first for Chicago hoteliers since the beginning of 2010, according to hotel research firm STR.
For the month of November, Chicago hotel REVPAR for both occupancy and room rates fell 15.1%, according to Crain's Chicago Business.
“I think everybody got a little bit less than they expected” this fall, says Scott Greenberg, president of Lincolnshire-based development company ECD Co. “Was it horrible? No. But I think a lot of people missed their numbers.” See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
