The Albany Business Review reported the opening of two more hotels in Saratoga County and a further decline in the economics of the local hotel industry.
Last week the 107 room Home 2 Suites opened in Malta. Obviously they are directing themselves to Global Foundries which is located in the same town.
According to the Review:
- As of this last July, the average rate of occupancy has fallen every month for the last fourteen consecutive months.
- During the same period the average occupancy rate is down a whopping 13.5 percent.
- The supply of “room nights” has increased by 5 per cent.
- Demand has fallen a whopping 9.2 per cent.
- The amount paid per room is down 11.5 per cent.
- The average amount paid was $85.27.
- The average daily rate demanded of guests is up 2.4 percent to $139.94.