Archive for August, 2010

Hyatt Turns a Profit in 2ndQ 2010

Thursday, August 12th, 2010

The Hyatt Hotels Corp. hotel chain recently reported that the organization turned a profit in the 2nd quarter of 2010, adding its name to the list of hotels proving that the economy may just be turning around.

The hotel earned about $25 million during the 2nd quarter. Shareholders should see earnings of about $.14 per share. During the same time last year, the hotel had experienced a loss of $50 million.

The hotel industry seems to be on an upswing. Can the changes last?

Extra Hotel Fees a Possibility in LA

Saturday, August 7th, 2010

Politicians in LA are considering adding an extra tax to hotel stays. The tax, reported to be around 1.5%, would go directly towards a fund that would help to pay for advertising. The advertising campaigns would focus on LA as a great tourist destination.

The city of LA is already viewed as a “noncompetitive” place for conventions and major events. The economy has made the hotel economy even worse. The city hopes by that adding this small tax, which would raise an estimated $10-11 million per year, they can turn things around.

What do you think? Should you be respnosible for paying for advertising, or should the hotels?