Analyzing urban hotel properties located in major metropolitan markets during the 1989 to 2000 period, this study provides empirical evidence that various measures of current income, expectations of future income, the own price, and the price of substitutes, are statistically important factors influencing lodging demand at the property level. This study examines the relationship between lodging demand and these economic factors at the property level using a large cross section of properties and a long time horizon. The results show that income elasticities computed at the property level are significantly lower than those computed using aggregate lodging data. The results also show that the magnitude of the impact of GDP on lodging demand is similar to the magnitude of the sum of disposable personal income and corporate income. The relative magnitude of the impact of each of these economic factors on lodging demand varies across lodging market segments.