Detroit’s hotel industry gets a boost in business as occupancy rates reach 68 percent
The Renaissance Center is a group of seven interconnected skyscrapers in Detroit. The complex is owned by General Motors as its world headquarters. Patricia Drury / Flickr.com
The city’s hotels took a hit in 2000 and have been struggling at unprofitable rates since, but a rejuvenated auto industry should lead to higher rates and filled rooms.
Excerpt from Detroit News
The resurgence of Metro Detroit’s hotel industry continued in October, when its occupancy rate hit at least a six-year high of nearly 68 percent. Occupancy rates of 70 percent or higher usually produce profits, experts say.
It is the single largest monthly year-over-year increase so far in 2012.
The comeback of the Detroit automakers and their suppliers is helping to increase business in the hotel industry, Troy-based hotel consultant Ron Wilson told The Detroit News in September.