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South Florida

More hotels in financial trouble

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Vacancies in the hotel sector are at a 20-year high, and many hotel properties are now at risk of missing payments on loans. U.S. hotels are expected to post their 15th consecutive month of decreasing occupancy this month. Room rates are also dropping as hotels try to compete, and revenue per available room will decrease by 9.8 percent this year, according to a report by hospitality, real estate and tourism market research company PKF
Consulting, scheduled for release today. According to the report, close to 20 percent of the hotels studied won’t be able to cover the interest payments on their mortgages.