Hotels doing better but not good - a podcast by WHRO Public Media

I’m Jeff Tanner, and this is a Strome Business Minute. Hotels and related tourism businesses make up a large part of our local economy. The good news is that we’re doing better than pretty much everyone else in the country. In fact, our hotels were the only properties in the country averaging over sixty percent occupancy in any major region last week, off only six percent from last year. In addition, hotel revenues are higher in Hampton Roads than anywhere else in Virginia. In the July fourth holiday week, Northern Virginia revenues were down fifty five percent compared to last year but down only twenty seven percent here. So why is revenue down so much more than occupancy? Because prices have fallen. The average cost of a room is down twenty percent to just under ninety five dollars a night but is on the upswing. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

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