Hotel business slows down along with drilling activity
Sunday, March 15, 2015
News and Sentinel reports that in 2014, the hotel/motel lodging tax in Marietta, Ohio, totalled $1,128,491.92, thanks in part to the oil and gas boom. Now, as oil and gas development has slowed down, so are hotel room reservations.
Occupancy rates have declined overall, but hotels are making up for lost business from oil and gas workers by hosting other events. Low gas prices and the upcoming spring and summer seasons should bring in more business.
The shale industry’s downturn has resulted in a large number of temporarily shut down rigs in the Utica Shale. According to Ohio Oil and Gas Association President Shawn Bennett, oil and gas prices are cyclical, so the current downturn in prices will turn around when demand picks up.
Via: News and Sentinel > Hotel stays begin to slow after oil boom
Related:
- Too many hotels built during Marcellus boom Sept. 27, 2014
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