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Hotel Industry Essay

736 words - 3 pages

The Hotel Industry Outlook

The U.S. economy as a whole has weathered some severe economic conditions during and since the 2007 subprime mortgage crisis and the 2008 credit crisis. The recession claimed over 8 million U.S. jobs and left the economy damaged with an unemployment rate holding at 9.1%. The combination of a long recession, liquidity crisis, and anemic growth has revealed the worst financial downturn since the Great Depression. The economic system has experienced economic shocks in the likes of an insolvent Bear Stearns, record setting bankruptcies from Lehman Brothers, General Motors, Chrysler Corporation, and Washington Mutual Bank; in conjunction with the bankruptcies, ...view middle of the document...

The manufacturing sector was further eroded as auto firms and parts suppliers adopted the template of reduced staff, and closed factories as their template of returning to profitability. The transportation industry, mainly airlines, was hit hard by an increase in oil prices, a reduction in corporate travel, and a decline in revenue passenger miles as the economy continued to slow. According to GAO, the airline industry adjusted by cutting 28,000 workers, eliminating service routes, charging bag fees and by idling less fuel efficient older planes. The airline industry is able to park planes and return them to service once business improves; unfortunately, hotels reservations are not a product which can be placed into inventory and recalled at a later date once they have expired. A main source of hotel revenue comes from being located in key areas such as theme parks, and near airports. When a hotel loses a night of room rent that is a case of lost revenues; there is a sense of urgency by the hotel community to transfer the room status from reserved to that of a paying customer. Frequent room rentals and price discrimination are key factors to the success of hotels...

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