Oil to Cause Houston Occupancy Rate Drop, says PKF

At the Hotel and Lodging Association of Greater Houston’s industry outlook luncheon, Randy McCaslin, PKF Consulting’s senior vice president, said the city’s occupancy numbers will falter in 2016. The combination of an increase in supply–as many as 10,00 rooms by 2017–and low oil prices, the new year could spell trouble for Houston, according to Houston Business Journal.

The article says that while rates will fall, the rates were at record highs in 2014. The long-term average occupancy rate for Houston is 62.2 percent, and 2016 should see a drop to 64.9 percent.

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