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Many Valley hotels survived 1991 when the tourism and meeting industry was down dramatically nationwide, and now they are just holding on for business to pick up. Unfortunately, judging from first-quarter reports and analyst projections, it looks like the lodging industry may have a long wait.
For 1991, the average occupancy for Phoenix properties was 61.3 percent, compared with 62.8 percent in 1990, according to a study done by Young Warnick Cunningham & Co., a Phoenix-based consulting firm.
YWC reports that the average daily rate for Phoenix hotels increased slightly in 1991, to $70.82, from $69.76 in 1990. The number of available rooms increased from 32,944 rooms in 1990 to 33,696 in 1991; the change in supply affects …