If collections continue at their seven-month average of nearly $9.5 million, the annualized total on Sept. 30 this year could hit $113.4 million, topping the highest-ever collection year of $108.2 million in 2000. The county's fiscal year begins Oct. 1.
"The resort tax continues to how strong results as we head towards summer," Haynie says. Cumulative collections to date of $66.2 million are 16.3% ahead of $56.9 million in April 2003.
The Greater Orlando Aviation Authority says April also set a record 2.8 million in arrivals and departures, a 22.3% increase over April 2003. The previous April record was 2.7 million. Compared to March numbers, domestic passenger traffic rose 21.89% to 2.6 million in April. International traffic jumped 29.56% to 185,667.
"Most hotel owners believe that we are on the cusp of the next wave of expansion," says Richard A. Matthews, a senior market analyst in the Encino, CA office Marcus & Millichap Real Estate Investment Brokerage Co. "Lenders have opened their coffers to hotels, giving hospitality investors the opportunity to benefit from historically low interest rates. "
Matthews adds, "This will aid in the hospitality market's recovery, as fundamentals are expected to make substantial gains in the next 24 months."
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