I remember when our kids were young and when we would go on a road trip the typical and consistent question after 2-3 hours into the drive was, “Are we there yet?” Having been in the worst recession of our lifetime for the past two years, that is an appropriate question regarding the condition of our economy.
Most of the economic prognosticators that I respect are saying that this will be a slow steady climb out and not a “hockey stick” type recovery where we go into a steep, steady and sustainable climb out of the recession.
Here’s some good news. For the first time in over two years, Hotel Equities has achieved two consecutive months of double digit year over year revpar growth. Are we out of the recession? I don’t know for certain but that is certainly a strong indicator that things are improving.
Unemployment rates continue to hover around 10%, consumer confidence levels remain low and housing starts are still extremely sluggish, all primary indicators for our industry. However, it does in fact appear that the worst may be behind us. I sure hope so. I am looking forward to year over year numbers remaining in the black and a positive trend turning into a new period of extended growth.
As we go into a new year as well as a new decade in 2011, my hope is that you don’t stop dreaming and that all your dreams inspire you to new personal triumphs.
No, we are not there yet, but I think we are getting closer.
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