The hotel industry throughout Texas experienced growth in all of the important indicators at the beginning of this year, according to the Texas Hotel Performance Report for Q1 2011 from the Governor's Office of Economic Development and Tourism.
In fact, the numbers are so impressive that experts think the local hotel industry will reach a full recovery by 2013. That means the industry will be in full swing in the coming years, both locally in Dallas and statewide.
The Dallas-Ft. Worth-Arlington area accounts for the majority (29.3 percent) of the state's hotel market share. The area saw its total hotel revenue increase by 19.3 percent to $520.7 million between Q1 2010 and Q1 2011.
Some other interesting facts about the Texas hotel industry during Q1 include:
- Room revenues increased by 15.5 percent to $1.778 billion.
- The majority of revenue gain is from consumers paying more for rooms.
- The number of nights sold grew by 10.8 percent.
- Occupancy rose by 7.2 percent, while the price of a room grew by 4.2 percent, and the revenue per available room increased by 11.6 percent.
- Room supply grew by 3.5 percent.
- Mid to upscale, limited service, and mini suites hotels accounted for the majority of room supply growth.
- About 40,535 hotel rooms closed in the last year, the highest level in the past seven years.
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