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.
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.
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Photo credit: 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