July 19 2011 | Latest NewsGuest rooms and market progress are on the rise in New Orleans...
18 July 2011
By Patrick Mayock
|A rendering of the Hyatt Regency New Orleans.|
REPORT FROM THE U.S.â€”When the Hyatt Regency New Orleans begins welcoming guests in October, its reopening will mark more than a win for the property’s franchisor and owner. As one of the last major hotels to shed the scars of Katrina, its reemergence will represent a triumph for the city’s hospitality industry.
Indeed, the market has come a long way since the torrential rains and gale-force winds closed 273 properties in affected coastal areas and the global economic recession ground subsequent development efforts to a halt.
Nearly 200 of those hotels have since reopened, according to an analysis conducted by STR’s North America Census Department.
*Some properties have since reclosed or been converted into other property types (e.g. private residences)
Significant progress has been made in the New Orleans market in particular, where the injection of 1,193 guestrooms from the Hyatt Regency will boost the city’s supply up to 36,394 roomsâ€”down only 2,326 from the peak in 2005, according to data from STR, parent company of HotelNewsNow.com.
New Orleans* hotel supply
*Includes the following market tracts: New Orleans CBD/French Quarter; New Orleans East/Slidell; New Orleans Metarie/Airport
Performance, too, has seen a comeback. After a dismal 2009, during which occupancy fell 8.1%, average daily rate dropped 3.9% and revenue per available room plummeted 11.7%, the market posted considerable gains in 2010 and the first half of this year...For the full article go to HotelNewsNow