Hospitality: The rising economic reality

Despite major media outlets claiming a slow recovery to the economy, some authorities assert the opposite. A recent article in Hotel Interactive asserts that, in fact, the overall US economy is growing steadily and continuing to strengthen.

The hotel industry in particular continues to set records and, according to STR, occupancy rose 1.4 percent to 64 percent and room revenue was up 6.1 percent to $105 billion through end of October. These are both higher than before the 2008 recession.

Hotel Interactive states: “In 2014 STR predicts supply will grow 1.1 percent as demand grows at more than double the rate at 2.4 percent. That should help drive occupancy 1.3 percent. Expect ADR to increase about 4.6 percent while RevPAR will see an amazing increase of about 6.0 percent.”

While we work across public and private sectors at The Refinishing Touch, many of our customers seek our furniture asset management services, such as refinishing, re-upholstery and re-manufacturing, for one common reason: the cost savings when compared to buying new.

As a provider of furniture asset management services within the hospitality sector for more than 35 years, we are encouraged by positive news about the economy – particularly for hotels since this benefits both hoteliers and travelers. We are grateful to our customers who recognize the economic impact of furniture asset management services, which in addition to saving up to 80% on budgets, also extends the life of assets while meeting sustainable goals. 

Want to learn more about The Refinishing Touch’s sustainable asset management services? Request a free quote today for your hotel or business.