The Dallas Business Journal reported on the health of the area’s lodging industry and reported the good news: Metro Dallas hotel revenues were up 8.6% over the previous year. Staff Writer Korri Kezar interviewed Source Strategies’ Senior Vice President Paul Vaughn for the article:
According to the Hotel Brand Report published by San Antonio hotel consulting company Source Strategies Inc., Dallas saw the biggest jump in hospitality revenue last year among all of Texas’ major cities. Dallas earned $2.04 billion in hotel sales, compared to $1.88 billion in 2015.
“Obviously Dallas is booming in other (business) sectors right now, and hotels are an indicator typically, because travel is booked in advance,” said Paul Vaughn, senior vice president at Source Strategies.
Looking at Dallas hotel sales combined with Forth Worth, the Dallas Business Journal notes that “the North Texas region boasted an occupancy rate of 70.6 percent and revenue growth of 7.5 percent, second only to Austin, which logged an 8 percent increase.“
Kezar points out that the boom is not shared equally across the state:
But not all of Texas’ cities saw positive hotel sales growth. Oil and gas-dependent areas, like Houston, Midland, Odessa, San Angelo and Victoria saw revenue dips of up to double digits, including a 37 percent nosedive in Odessa.
“Houston has been hammered (and there’s) a lot of weakness in the oil and gas areas of the state,” Vaughn added.
Read the full article, Dallas ranks first among Texas cities for hotel sales, at the Dallas Business Journal. They even provide a handy slide show detailing hotel sales growth in more than two dozen Texas cities.