At the Americas Lodging Investment Summit in January, Mark Lomanno, president of hospitality research firm Smith Travel Research, presented STR's projections for the hotel industry. It was a string of bad numbers. Hotel occupancy: down 4.2 percent in 2008 and expected to drop by 3.9 percent in 2009. Hotels' average daily rate: up 6 percent in 2007, up only 2.4 percent in 2008, and expected to drop by 2 percent in 2009.
Worst Year Ever for the Meetings Industry
Pick a statistic—any statistic. For suppliers to the meetings and incentives industry, the forecast for 2009 is as grim as it gets. But look hard: Is that a ray of hope ahead in 2010?