AH&LA Releases 2003 Lodging Industry Profile - Revenue Growth Expected, Travel and Tourism Remains Leading Industry and Employer

According to the LIP, the lodging industry's overall profitability declined in 2002, by grossing $102.6 billion in total sales and $14.2 billion in pretax profits — compared to $103.5 billion and $16.1 billion in 2001, respectively. However, the profile's other facts — promotional spending, employment impact, average occupancy rate, and average room rate — illustrate the hotel business' steady and impending growth.

"We are confident that the overall loss of revenue to our industry will subside in the coming months — with an expected increase by mid-2004, which is suggested by industry experts. However, this past year's performance has been a difficult pill for most hoteliers to swallow. Nevertheless, as Americans' travel confidence increase, the hotel industry should reap some of the monetary benefits," said AH&LA President and CEO Joseph A. McInerney, CHA.

Information contained in the LIP is based on data provided by the American Economics Group, Inc.; D.K. Shifflet & Associates, Ltd.; Smith Travel Research; the Travel Industry Association of America; and the U.S. Department of Commerce, International Trade Administration, Office of Travel and Tourism Industries.

AH&LA 2003 Lodging Industry Profile Information contained in the LIP is based on data provided by the American Economics Group, Inc.; As predicted by industry experts, a continuous weak economy affected the U.S. lodging industry follow... Adobe PDF Document (Download Acrobat Reader) File Size: NaN Kb - Monday, 29 September 2003