2009 Business Travel Survey - buyers market dominates
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Demand decline saw every hotel tier,from luxury to economy, in the red in terms of year-over-year change inoccupancy and revenue per available room for the full year, according to SmithTravel Research.
Overall occupancy was down 4.2 %, and revenue per available room was down 1.9 %,though hotels did manage to increase average daily rates by 2.4 % for the year.
Performance in the first quarter of this year has not been much better, withoverall RevPAR plummeting 17.7 %, occupancy down 10.9 % and average daily ratedown 7.7 %, according to Smith Travel Research. For the full year, RevPAR isexpected to drop by 9.8 %, occupancy by 6.5 % and average daily rate by 3.6 %.
Few markets globally are bucking those trends
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