LOS ANGELES, CA— February data— as compiled by PKF Consulting— reportedly indicates a slow recovery has begun in Los Angeles County’s hotel marketplace, with occupancy showing a strong increase since January. As alluded to by Grubb & Ellis Co. Hospitality Group Senior VP Jordan Richman, who covers that geographical area for his organization, occupancy rate for the month was pegged at 67.9%, up from both January 2002 and December 2001 levels. However, it was similarly pointed out the average daily room rate (ADR) was down over the year by some 4.8%. By area in the county, Richman said PKF figures show the best markets were Santa Monica at 81.7% occupancy, and Valencia at 80.0%. Richman further offered that the downtown Los Angeles hotel market is in fact recovering…even though it came in with 53.5% occupancy in February. However, he noted the areas ADR was ahead by 11.5%, the best performance of any area in the county on this particular measure.
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