Orlando hotel revenue takes a nose dive
Mar 6, 2009

The 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.