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Big jump in hotel rates predicted for 2006.(SELECTED TOPIC)(Brief article)
Business Travelers may have to dig deeper into their company's expense budgets for overnight stays at hotel rooms in 2006. PricewaterhouseCoopers has forecasted a 5.6 percent jump in daily room rates in 2006, according to a press release on their website. The consulting firm said that this forecasted rise in hotel room rates would be the steepest in 24 years. They project that the average daily rate charged by hotels in the U.S. will jump to a record $96.11 in 2006, from $90.84 in 2005.
"Although the national average rate of increase of 5.6 percent is high, the increases in many cities, including New York, San Francisco, Honolulu, Boston and others, will be even higher--7 to more than 10 percent," says Bjorn Hanson, Ph.D. and partner, PricewaterhouseCoopers Hospitality & Leisure practice. "Also, guests will see even larger increases during peak periods."
The projected rise is attributed to a higher expected occupancy rate ...
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