Corporate Housing Providers Show Improved 2010 Performance

Date: April 5 2011
Source: Business Travel News
Website: http://www.businesstravelnews.com/Business-Travel/Hotel-News/Articles/Corporate-Housing-Providers-Show-Improved-2010-Performance/

U.S. corporate housing industry occupancy, average rate and total revenues in 2010 increased versus the prior year, according to the Corporate Housing Providers Association.

Occupancy rose about one percentage point to 89.2 percent while average rate increased 1.3 percent to $115.88. Industry revenue jumped 7.4 percent to $2.47 billion. Washington, D.C., remained the largest market for corporate housing, followed by Los Angeles, New York and Houston, according to the report.

Suppliers projected 3 percent more inventory this year, though the report indicated that the increase could be higher should the lodging industry experience a strong increase in demand.

According to CHPA president Kimberly Smith, the corporate housing industry is poised for marketshare gains as projected hotel supply growth for the next few years is modest.