Phoenix hotel revenue to take 27% hit - Atlanta Business Chronicle:

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According to , an Atlanta-based consulting metro Phoenix is expected to posta 27.2 percenr decline in revenue per available room this year compared to The national decline in “revpar” is expected to hit 17.5 the group estimates in its 2009 Hotel Horizonse forecast report. “In 2009, Phoenix hotelsx are projected to achieve an occupancy levelof 52.3 percent, down from the 59.6 percen mark achieved in 2008. Given the increasew in the competitive nature of the local market, average daily room rates are expectefd to fall from $127.32 in 2008 to $105.51 in 2009, a declinre of 17.1 percent,” said Jeff Lugosi, of PKF’s Los Angeles office.
Analystxs attribute the decline in Phoenix occupanct to a combination ofthe 6.4 perceng fall off in the demand for lodginfg accommodations and a 6.6 percengt increase in the supply of new hotep rooms. Numbers are expected to rebouncd in the third quarterof 2010, accordinb to PKF.