REPORT FROM THE U.S.—In the summer of 2008, before the fall of Lehman Brothers and the precipitous economic collapse, transient booking pace at hotels in the top 25 markets in the United States started to dramatically wane.
During June 2008, the 28-day booking pace declined 5.0 percent, according to Rubicon. By July, it had dropped by 18.0 percent, followed by an 18.3-percent drop in August. During October, the month following Lehman’s collapse, booking pace had dropped 32.0 percent.
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