Some observers say the city’s booming hotel industry has been largely immune to the credit crisis affecting residential and commercial sales, and that its success will continue into 2008 on the strength of record-breaking occupancy rates and room rates as high as $800 a night. Sean Hennessey of Lodging Investment Advisors expects occupancy in many hotels to exceed 90 percent this year, compared to an average 83 percent in 2006. Skeptics, however, say the impending glut in inventory will push down occupancy, diminish rates and threaten profits.
Hotel glut feared as industry booms
November 29, 2007 01:40PM
