Orlando hotel revenue takes a nose dive
Leah Zanolla | Posted: Mar 6, 2009 | Updated: Oct 19, 2014 - 9:25:27 AMThe Orlando Business Journal is reporting that revenue at Orlando area hotels dropped nearly 28% in the final week of February as compared to the same period last year, citing a report from Smith Travel Research.
While hotel revenue in most major cities was down (18.5%), Orlando was particularly hard hit according to the report.
This trend has many analysts wondering how many hotels in Orlando will survive the downturn. Post 9/11, many smaller hotels were either purchased by larger chains, or closed all together. A new wave of closings could have a long term impact on Orlando's economic future, further compounding an already difficult situation.
The economic situation is also causing a spike in unemployment. The unemployment rate in metro Orlando jumped to 9% last month, with Osceola County (where many hotels are located) reaching nearly 10% in jobless claims.
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