Lodging industry forecaster PKF Hospitality Research is predicting an increase in occupancy and prices per room for all of Hartford’s hotels for the rest of the year.
PKF’s Hotel Horizons forecast report for March indicates a 55 percent occupancy rate for hotels in Hartford along with an average room rate of $98.24. Those figures represent a 3.7 percent increase in occupancy and a 3.9 percent increase in room rates.
Because of the increases in occupancy and prices, PKF is predicted a 6.7 percent increase in revenue per available room compared to 2010.
Despite the increases, the Hartford hotel market is operating below its long-term average revenue per available room because of decreases from 2008-2010. PKF says the market won’t recover these losses by the end of 2011.
“The Hartford lodging market is one of the 41 cities in the country expected to achieve an occupancy level less than its long-run average. In theory, this suppresses the pricing power of area hotel managers,” said Reed Woodworth, vice president in the Boston office of PKF Consulting USA, in a statement.
