The occupancy rate really fell off a cliff in the 2nd half of 2008, and then 2009 was the worst year for the occupancy rate since the Great Depression. The occupancy rate started to improve in the Spring of 2010, and was above the 2008 rates later in the year.
However, so far, 2011 is closer to the weak occupancy rates of 2009 and early 2010 than to the median for 2000 through 2007.
Blame it on the snow ... but if the occupancy rate doesn't pick up soon, Smith Travel will be reporting year-over-year declines in the occupancy rate again.
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