Continued Growth Is Forecast for Local Hotel Industry
The average cost of Orange County hotel rooms increased 13% in November to $97.80, according to a new survey.
PKF Consulting, a Los Angeles-based firm that studies industry trends found the largest jump occurred in Newport Beach, where rooms rose 24.5% to $137.85.
The demand for hotel rooms throughout the county also increased as occupancy rates rose 5% to 66%.
The study predicted that 1998 should be a year of continued growth, but at a slower pace after four record-breaking years.
Hotel owners were urged to adjust prices according to supply and demand, while spending enough to maintain the property. “This should allow for the continued improvements in profitability that we have seen in recent years,” the firm said.
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