Archive for September, 2011
This is exactly what I expected after reading article after article about this year’s increase in hotel occupancy rates: hotels are increasing their improvement spending following a 4 year decline. According to USA Today, hotels are expected to spend around $3.5 billion this year on hotel improvements such as up carpeting, furniture, technology, etc. The industry was aggressively investing in room improvements in 2008 prior to the great recession, but then companies began holding onto their cash due to the unstable market. Now that things have calmed, hotel owners are willing to start putting money back into their properties. As far as I can tell, for the hotel industry, the great recession is over, which is a good sign for TiVUS.