A weak US dollar may be the primary factor in the ongoing solid performance of the US hospitality sector in 2008, according to a report released today by Ernst & Young's Global Real Estate Center.
"The continued weakness of the dollar is producing multiple beneficial effects on the US hotel market which is likely to continue for the foreseeable future and which may pull the sector through current recessionary pressures," said Michael Fishbin, Ernst & Young's US Director, Hospitality & Leisure.
Today, international tourists are looking to the US as a prime vacation spot and are spending more money, often upgrading to higher-end and even luxury accommodations because their local currency now buys, in some cases, more than twice what it did just a few years ago. Total arrivals in the US have witnessed 18 months of successive growth since April 2006, according to the US Department of Commerce, and in the first 11 months of 2007 international visitors spent US$111.6 billion, up 13 percent from the first 11 months of 2006.
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