Corporate Housing Update
MARCH 26, 2009 - The Corporate Housing Providers Association (CHPA) just released its annual statistical study, Corporate Housing Industry Report - 2009. Corporate housing is a $2.77 billion industry. While industry revenue peaked in 2007, revenues remained higher in 2008 than in 2006.
"This year's report, with data on more than 50 market areas, is the most comprehensive report yet, providing vital information for corporate housing providers to make critical business decisions in a rapidly changing environment" reports Dave Caple, CCHP, CHPA President.
The industry flexed inventory and lost only 1.2% occupancy while gaining $1.38 average rate to $117 in 2008. Flexible inventory is the hallmark of corporate housing, and permits the 88.5% occupancy achieved nationwide for the year. The US corporate housing market is estimated at a total of 73,385 units on an average day in 2008. The top Canadian markets contribute an additional 3,541 units from Toronto, Calgary and Vancouver.
"This year's report is published a full month early, exemplifying our commitment to the success of our industry and each member company." says Caple, "With additional data points every year, new urban versus suburban data and comparative extended-stay hotel data, we provide our members with the best information for daily business and strategic growth decisions."
Corporate housing is fully furnished apartments with housewares, linens, utilities and other optional services with a typical minimum 30-day stay. The average stay in 2008 was 80 days. Corporate housing is a uniquely flexible lodging alternative for business travelers and relocating families, as well as providing temporary housing for those needing lodging for insurance purposes or long-term medical care.
CHPA engaged The Highland Group, an independent research firm, to conduct this comprehensive study on this important lodging sector. The report is available for $395. Complimentary copies of the report are available to the press. For more information, please contact Peggy Berg at (404) 872 4631.
About the Corporate Housing Providers Association (CHPA)
The Corporate Housing Providers Association (CHPA) is the only trade association dedicated to the corporate housing industry. For more information on the Corporate Housing Providers Association, please visit www.chpaonline.org.
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