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.
Source: Procurement.travel