Categorized | Hotels

Gaylord Entertainment CEO: ‘We’ve locked in higher prices’…

Posted on 13 February 2012

 

A view of the sprawling, glass-enclosed grounds of the Gaylord National Resort Hotel and Convention Center in National Harbor, Md., about a 30-minute drive from Washington D.C.
 

In a sign that hotel rates for groups are on their way up, Gaylord Entertainment’s four massive hotels booked fewer group roomsin the fourth quarter of 2011 – but at higher rates, according to industry tracker HotelNewsNow.com.

 

Gaylord hotels overall fetched an average room rate of about $178 a night, up nearly 9% from a year earlier, during the last three months of last year.

 

“We’ve locked in higher prices,” Gaylord CEO Colin Reed told analysts during a quarterly call last week.

 

The higher rates, however, meant that fewer people could afford to stay at a Gaylord.

 

Gross advance group bookings during the fourth quarter of 2011 for Gaylord’s hotels in the Washington D.C., Orlando, Nashville and Dallas metro areas were down 5% vs. the prior year, HotelNewNow.com’s story says.

 

Gaylord had previously said it would get more aggressive about rates at high-demand times, and the strategy appears to be working.

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