US Hotel Capital Expenditures Fall

23rd June 2010 (Last Updated June 23rd, 2010 18:30)

Capital expenditures at US hotels is expected to fall by 10% from the $3bn spent in 2009, according to a new study by New York University. Marriott International and Starwood Hotels & Resorts Worldwide saw an unprecedented drop in demand last year, reports Reuters. In

Capital expenditures at US hotels is expected to fall by 10% from the $3bn spent in 2009, according to a new study by New York University.

Marriott International and Starwood Hotels & Resorts Worldwide saw an unprecedented drop in demand last year, reports Reuters.

In 2008, the lodging industry spent a record $5.5bn on improvements such as freshly painted walls and lobby overhauls.

Capital expenditure is expected to rise in 2012 and profits are projected to pick up at individual hotels.