When it comes to lodging news for the hotel industry, Globe St.com reports on June 10, 2014 that the forecast is bright for the future, with the typical U.S. hotel having shown a 10 percent net operating income increase as early as 2013. The 2014 lodging industry landscape will be much better than that, however, and that's because hotel profits are up and debt is easier to obtain based upon an annual hospitality investment survey conducted by PKF.
PKF Consulting provides U.S. hospitality companies with business appraisals, valuations and forecasts so industry insiders can realize the most profit possible during a sale, as well as know when is the right time to make property improvements and invest capital. The company tracks trends and compiles income statistics on over 6,500 U.S. hotels.
And if the owners of the Westin Peachtree Plaza Hotel in downtown Atlanta rely on PKF Consulting for some of their industry news, it could be why they felt justified in spending $70 million in their recent 1,073 room renovation for the 73-story property.
Strong hotel occupancy numbers are expected, which, in turn, is expected to lead to raised daily rates among hotels. Therefore, if you are planning a vacation for the summer or fall, you might want to go ahead and book that stay now, so you can get in on the lower rates currently available.