Slowing Economy, 9/11 Fallout Hit Hotels Hard
From Times Wire Reports
Bay Area hotels have been hit hard by the slowing economy and drop in business and leisure travel since the Sept. 11 terrorist attacks.
The falloff in lodging industry profits--a 19.4% drop industrywide in 2001--was the worst since 1938, according to Smith Travel Research. The average revenue per hotel room in San Jose and Santa Cruz dropped 33% from the first quarter of 2001 to the first quarter of this year, the firm said.
