All Gloomy For Hotel Industry Or Is It

Well the end of summer has come and gone and the hotel industry has reached the end of one of it’s gloomiest summers in recent history. Hotels did see a slight increase in business at the end of summer as gas prices came down a bit more people were willing to travel a bit more to finish out the summer.

There is a bright side to all the bad weather hitting the US coast over the last few and upcoming weeks. The hotel bookings all over the coastal areas are going up as people look to move inland a bit to ride out the storms in safer locations. I know the hurricanes hitting those areas is terrible but there had to be a bright side to that situation somewhere and suffering hotel industry happens to be getting a little something because of it.

Hey look there are new reports of unemployment going up again and consumer spending in the retail market is going down more and pretty much all the hotel companies are seeing a continued decline in their stock prices. It’s not all doom and gloom though there are some decent booking numbers for the month of august, a month known to be a little slower in Las Vegas. The Venetian and Palazzo recorded close to a 95% occupancy for the month of August. Other good news in Las Vegas was the announcement that Starwood Hotels & Resorts Worldwide Inc. are signed on to develop almost 400 luxury residences at the Venetian Palazzo.

Well what do you think of the state of the hotel industry? Do you think this will be turning around any time soon or do I need to keep my money out of the hotel stocks for quite a while? Also do you think it is a wise business plan to be building luxury residences at a luxury hotel in these hard economic times? Please share your opinions and thanks for reading.