STR releases 2008, 2009, 2010 projections

from today's HNN newsbriefs (10/23):

STR releases 2008, 2009, 2010 projections
23 October 2008 1:39 PM
By HNN Newswire

"HENDERSONVILLE, Tennessee—STR released its revised 2008 and 2009 forecasts and its projections for the U.S. hotel industry’s performance in 2010.

“We look for things to get tougher before they get better,” said Randy Smith, CEO of STR. “We’ve had an entire year in which we’ve had a cheap dollar fuelling more international visitors, and New York to date has had another good year. We expect those two things to level, so two of the things that have been good for the U.S. lodging industry aren’t going to be there in the foreseeable future.”

The revised 2008 forecast includes the following:
• a 3.0-percent drop in occupancy from year-end 2007 to 61.2 percent;
• a 3.4-percent increase in average daily rate average from year-end 2007 to $107.44;
• a 0.4-percent increase in revenue per available room from year-end 2007 to $65.75; and
• a 2.5-percent increase in supply and a 0.5-percent decrease in demand." ...

for the complete press release