Hotel guests visiting Music City paid an average daily rate of almost $126 in June. That was 14.9 percent higher than the figure from a year earlier and was, according to research firm STR, the highest increase among the country's top markets. That performance was no doubt helped by the thousands who visited town early in the month for the CMA Music Fest, but it also was right in line with STR's March data, suggesting Nashville's hotel sector is moving a good bit upmarket.
Shawn Turner at HotelNewsNow.com says many lenders to the hotel industry have escaped from having to make some tough decisions on certain properties. Valuations in the hospitality sector, Turner writes, are almost back to their pre-recession peaks just a few years after taking big hits. In short, extend and pretend worked.
These percentages are not overwhelming, so what may be of more significance is the fact that the number of planners expecting their meeting counts to decline in 2011 is half that recorded in the 2009 survey. Attendance expectations are slightly more optimistic than the outlook for the number of events. Thirty-seven percent of the planners believe attendance at their events will rise in 2011. More importantly, only 6% foresee a decline in attendance, down from 18% of the planners that reported a decline in attendance in 2010.
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