According to an article in the Star-Telegram, over 50 percent of the hotel rooms in Dallas-Fort Worth sat empty in December 2008 and 2009 is expected to see even higher vacancy rates.
The article said:
Fort Worth’s hotel occupancy rates are expected to continue to decline in 2009, partly due to the addition of hotel rooms downtown. While the citywide occupancy rate was 49.3 percent in December, the downtown rate was 46.5 percent, down 19 percent from last year. The big decline is mainly due to the opening of 400 renovated rooms at the Sheraton Fort Worth Hotel and Spa in the summer.
Well, it seems that we’ve also over-built in the hospitality and tourism industry and will probably see a huge contraction in 2009. This has been a sector that has added many jobs in the past; but with the downturn we can expect to see more job losses. Unfortunately, the individuals employed in the hotel industry and other service industries are not financially prepared for job losses. Many working in the service industry are also burdened by debt and/or facing foreclosure ; but have little money saved and fewer assets to cushion the blow of a job loss. If you’re a service industry worker be on the lookout of job losses in this sector and find out how bankruptcy can protect your assets.