Worldwidebriefing
US occupancies fall
US hotel occupancies fell in September by 10.6 percentage points to 55.9%, compared with the same period last year, according to market research company Smith Travel Research. Revenue per available room (revpar) dropped by 23.4% to $44.30 (£30.30). Smith Travel also announced third-quarter results for the industry. It said occupancy was down by 5.6 percentage points to 64.2%, with revpar falling by 11.2% to $53.44 (£36.55).
More hotels in debt
The number of UShotels that are unable to pay their debts will more than double next year, says the Hospitality Research Group (HRG). Of the 3,300 hotels HRG looked at, 16.4% were unable to generate sufficient cash from operations to cover their interest payments in 2001. The group estimates this number will increase to 20.9% this year and 36.5% in 2002.
Pain in spain
Spanish hotel group NH Hoteles posted a profit of €59m (£36.4m) for the first nine months of the year, a fall of 16%. The group said that, excluding extraordinary items in both periods, its profit would have grown by 8% to €60m (£37m). Turnover for the group rose by 47% to €556m (£343m).
Polish problems
Polish hotel operator Orbis reported a 59% decline in profits in the first nine months of the year to €12m (£7.4m). Turnover was down by 10% to €141m (£87m) with occupancy down by 3.7 percentage points to 52.5%. The group blamed the weak economy, foreign competition and a decline in tourism.
