GALVESTON, TX— Virtue Group has released the quarterly results of the Texas Hospitality, Bar, and Restaurant Report for second-quarter showing hotel sales in the state grew by 4.02 % over last year with $1.2 billion in the quarter compared to last year’s $1.1 billion. During the quarter, 280 new hotel properties opened, while 10 closed or changed hands. Second-quarter ’03 saw 284 hotels open their doors, while 193 closed or changed hands. The report, also known as the Texas Hospitality Indicator, noted fewer establishments closed their doors or changed hands “ indicating a healthy but less competitive state of economy for the hospitality industry statewide.” This quarter marks the fourth consecutive quarter that Texan hotels have achieved positive growth rates since the September 11 terrorist attacks, said the report.
