INDIANAPOLIS, IN –The Corporate Housing Providers Association (CHPA) released its annual report on the state of the corporate housing industry.
The Corporate Housing Industry Report – 2011 indicates the corporate housing industry has rebounded from the recession and is a $2.47 billion industry. This is an approximate revenue increase of 7.4% over 2009. It estimates there were approximately 65,396 units in the US corporate housing marketing in 2010. Corporate housing provider companies project a 3% increase in units in 2011.
However, in the 2009 report, providers projected a 3% inventory increase but the actual inventory increase was 4.7%. If the early indications of another strong increase in lodging demand continue in 2011, corporate housing can be expected to increase inventory by more than 3% in 2011.
According to the report, restricted financing for new hotel development means the growth rate in hotel room supply will slow considerably in the foreseeable future and corporate housing’s market share should increase as a result. This trend occurred during the last post recessionary period as well.