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A report by Ernst & Young has forecasted continued struggle for the global hotel markets, as contracting economies and falling travel demand continue to pressure the hospitality industry.
Last year still allowed the hotel industry to remain profitable, in spite of the major declines, as hoteliers lifted their operating performance by focussing on cost control.
"There is little doubt that most markets in the current economic climate are challenging at best and growth will be hard to come by for most operators," said Michael Fishbin, National Director of Hospitality Services, Ernst & Young.
"As a result, this year we will see hotel operators continue to focus more of their energies on cost reduction, improving operating efficiencies in their hotels, reaching out to guests via enhanced Internet communication and strengthening their brands through an emphasis on green principles in activities related to both development and operations,"
The report by Ernst & Young, entitled the ‘US 2009 Lodging Report’, reviewed the global hotel sectors, including the United States, providing in-depth analysis of the market and lodging segments for seventeen major American cities.
These included New York, Los Angeles, Chicago, Miami, Dallas and San Francisco.
The report highlighted ten trends and issues which were expected to be topical in the hotel industry for 2009.
There was speculation of transaction floodgates opening, as hotel values drop and hence those with capital remain keen to make valuable acquisitions.
In contrast, hotel borrowers will also be proactive in seeking loan modifications and other options to re-capitalize their assets, considering the debt in the industry.
The increased focus on efficiency and reducing costs will continue well past 2009, according to the report, as hoteliers plan to position their businesses to dominate during the next cycle.
Business development and brand presence is also going to be crucial for hotels, as a recent Google survey revealed that a third of accommodation decisions are based on online reviews from sites such as TripAdvisor and Travel Muse.
The report also flagged areas such as China, India, Vietnam and Brazil to lead future growth markets, as the slowdown will affect some economies worse than others.
Other issues which were noted included the worldwide momentum behind ‘green’ hotels, the alternatives to air travel such as shorter cruise routes and the need for stimulus into US infrastructure.
The report proposed that stimulus into US infrastructure could have a positive impact in the long term upon the domestic hospitality sector, by improving access to tourist destinations and encouraging domestic travel.
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