Hotels expected to spend years restoring room rates

06/25/2009 | Bloomberg

Hotel operators in the U.S., including Starwood Hotels & Resorts Worldwide and Marriott International, will probably need years to restore hotel room rates to last year's levels. "We don't see national average room rates getting back to 2008 levels until sometime in 2012 or even 2013," said Mark Woodworth, president of PKF Hospitality Research. "There were rate declines in 2001 and 2002, but until this year that was the only other time that happened in this industry in some 20-plus years."

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