ATLANTA—Driven largely by a drop off in average daily rate (ADR), total hotel revenues dropped 1.3% in 2008 resulting in a 3.8% decline in net operating income for the average U.S. hotel, according to PKF Hospitality Research. PKF released its 2009 edition of Trends in the Hotel Industry and also reported that resort hotels had the greatest decline in NOI for 2008, 11.3%, followed by full-service properties, 5.1%, and suite hotels with food and beverage, 2.7%. According to the survey, limited-service and suite hotels without food and beverage also suffered a decline in NOI, but to a lesser degree. The survey also noted that convention hotels enjoyed a 3.2% growth in profits from 2007 to 2008, largely attributed to a strong 3% gain in ADR.
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