The Real Deal Miami

Hotels grow, but travelers don’t 

July 31, 2008 08:38AM

A record number of hotels are being built nationwide, but high gas prices and a slow economy are hurting the travel business. Occupancy levels are about 65 percent around the country, down 5 percent from last year. Occupancy is down only slightly in New York City, to 85 percent, due to international travelers, but analysts say the city will take a hit if the dollar’s value increases.