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Chilly Winter for Hotels

Published Sunday, November 01, 2009

The U.S. economy has been downright inhospitable to the hospitality industry. Not only have hotel sales plunged to a fraction of last year's deals, but the sector also has been whiplashed by declining occupancy levels and room rates. In 2008, the volume of annual hotel sales reached $10.7 billion, but by the end of September 2009, sales totaled just $2 billion, according to New York research firm Real Capital Analytics. By comparison, at the peak of transactions in 2007, annual sales totaled a lofty $77.4 billion. So dire has the financial status of the hospitality industry become as ...

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