October 30, 2009
by Mark Thomton
The hotel industry has been battered in 2009, yet as supply comes under control in 2010 demand should increase with the improving economy, painting a rosy picture for 2011 and beyond, agreed a panel of experts at an Urban Land Institute Chicago breakfast meeting.
“The hotel industry experienced a double whammy in 2009,” said Hans Detlefsen, managing director, HVS Global Hospitality Services – Chicago, at theWit Hotel in Chciago. “Supply has grown while demand has decreased. This might be ending as demand could stabilize and even grown in 2010, but as far as supply goes, it could be another year before occupancy increases.”