HEI Hotels & Resorts Chairman Gary Mendell Lauds Continued Hospitality Growth and Rebound Through 2012
Cites industry report that increased end of year projections.
Norwalk, CT (PRWEB) October 25, 2012
HEI Hotels & Resorts Chairman Gary Mendell today celebrated analysts' projections of continued rebound in the hospitality sector, particularly as this offers good economic news for hotel employees and the communities they serve. Citing the latest PriceWaterhouseCoopers (PwC) US Lodging Forecast, Mendell noted the almost 11 percent projected increase in revenue per available room (RevPAR), from 6.5 percent to 7.2 percent through 2012 reflecting optimism that demand from business and leisure travelers and groups will continue to offset the rebounding economy. In particular, PwC's forecast that high-end segments may see the biggest growth is good news for HEI Hotels & Resorts; HEI's portfolio is mainly comprised of upper and upper upscale hotels.
“In a recovering economy, industry growth has continued to outpace projections, and projections for 2013 continue to look good, thanks in part due to increased occupancy and demand. We continue to invest in our properties through upgrades and renovations, as well as acquire properties across the United States, as a sign of our own confidence in the industry's future.” Since 2007, the company has invested in the construction of three new hotels in Philadelphia, Minneapolis and Hollywood that created 757 local jobs, and purchased two troubled hotels that preserved another 228 jobs.
Mendell also cited HEI's work to grow occupancy rates through the recession, which led to an almost 18 percent increased earning potential for its employees over the past four years according to 2011 year-end data. “As I said earlier this year, our associates can feel confident that this uptrend will mean more opportunities for them. Growth in the industry means growth and opportunity for associates.”
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Connecticut with 42 properties in 16 states, creates socially responsible investment and employment opportunities through real estate portfolios of hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Le Meridien, Embassy Suites, and Hilton. HEI takes a holistic approach to creating value for its investors and employees by setting the highest standards across all aspects of hotel management and operation and focusing on the central principles of excellence and continuous improvement. HEI prides itself on some of the highest employee satisfaction scores in the hospitality industry, fuels local economic prosperity by investing in communities and is committed to environmental stewardship and sustainability.
For more information about HEI, visit the company's website, http://www.heihotels.com.
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/10/prweb10056047.htmView Comments and Join the Discussion!