Lack of Events, Groups Hurts Host Hotels in ATL
One of the owners of some of Atlanta's most illustrious hotels is saying business went south in the South during Q2. (It's taking the tiny soap industry with it.)
Host Hotels & Resorts, which owns six hotels in Atlanta including the Ritz-Carlton and the Grand Hyatt in Buckhead, said in its recent quarterly filing with the SEC that the Atlanta market “significantly underperformed” compared to the rest of the portfolio, with an average occupancy rate of 74% and RevPAR at $125/night—down half a percentage point. The explanation? “The Atlanta market decrease was due to less city-wide events, as the city hosted the NCAA Final Four in Q2 2013 and group shortfall in corporate and association segments,” company officials state in docs. Host Hotels' Atlanta properties are some of the most popular for group and business events, including our own.
