Citywide hotel occupancy at the end of May stood at 84.4%, down360 basis points from April 2009 and down 530 basis points from May2008. The average daily room rate stood at $96.96, up 3% ($2.88)from April 2009 but down 28.3% ($38.21) from $135.17 in May 2008.Part of the explanation is room count, which grew by approximately4,000 rooms between May 2008 and May 2009.

Visitor volume improved nominally from April 2009 to 3.19million but was down 5.8% from May 2008. The decline was pulleddown by an 11.5% drop in air passenger traffic and pulled up by a4.4% rise in car-based visitation. Year-to-date (through May),visitor volume was running 6.9% behind 2008.

Convention attendance in May (341,846 people) was 17.5% lowerthan April 2009 (414,764) and 32.9% lower than May 2008 (509,482).Year-to-date (through May), attendance (15.19 million) was running28.6% behind the comparable 2008 period.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 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.