Published on : Monday, October 30, 2017
Hotel occupancy from January to August had declined as compared to 2016, as per the fresh report from industry analytics firm STR.
Bobby Bowers, one of the principal people responsible for the numbers in the report states that it is all about the concept of supply and that the number of new hotel rooms in Nashville has started surpassing new visitors.
Bower is referring to the almost 3,500 new rooms that the city mentions would be built between current date and the end of the following year.
Even though the rates have been witnessing a decline Bower said that the descending numbers are not actually the cause of alarm as yet. He feels that such a type of contradiction is actually typical in growing markets and as long as demand for rooms continues to grow the Nashville hotels would thrive.
But then the data of STR also suggests that the hotels of Nashville are not taking in new customers as they used to.
Butch Spyridon who is the president of Visitor Corporation seems to agree to this statement, asserting that Nashville has performed a great job of absorbing the new supply but also keeping demand as a leading priority. Spyridon and other leading tourism officials have warned hotels last year that that the rapidly accelerating hotel prices is likely to scare off future visitors.