With the pandemic generally in the rearview for the market, Downtown Memphis hotels have yet to recover to occupancy levels realized in 2019. This is attributed to a slow recovery in both corporate and group demand, coupled with significant growth in new supply. However, rising average rates at new hotels have become the saving grace for market RevPAR levels.
The Market Snapshot: Asia Pacific 2023 highlights an overview of transaction activity in the region and presents 25 markets’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.
While the onset of COVID-19 had devastating effects for the Connecticut tourism industry, a recovery quickly began. By 2022, occupancy levels were only slightly below those of 2019, and ADR levels far surpassed those of 2019. The upcoming renovation of the XL Center in Hartford and the state’s “Find Your Vibe” campaign are key indicators of Connecticut’s recovery and success.
In the summer of 2023, occupancy in the Coachella Valley showed a return to normalcy after strong growth in 2021 and 2022 driven by pent-up leisure demand. Notably, ADR remains well above 2019 levels. The future looks promising, with the Acrisure Arena and Palm Springs International Airport expansion setting the stage for long-term success.
Albany's hotel industry continues to rebound from the pandemic. This article reviews the performance and recent trends of two distinct Albany submarkets and the market’s extended-stay hotel segment. Through this review, we provide a comprehensive overview of Albany’s performance coming out of the pandemic.
Our team of experts has gathered invaluable insights, best practices, and case studies from the forefront of hotel development which forms the basis of our cost indication. Collectively, Hala Matar Choufany and Filippo Sona have advised on more than 10,000 hotel projects in the region, bringing tremendous experience, and unparalleled insights into hotel development costs and recent trends in the industry.
This article shares our main takeaways from the highly attended 2023 Lodging Conference in Phoenix, Arizona. It was an incredible gathering for our industry, with great ideas and insights shared, deals done, and friendships strengthened. We look forward to next year’s event!
The Meadowlands development in northern New Jersey features the Meadowlands Sports Complex, with the MetLife Stadium as a centerpiece, and hosts numerous major companies. This development is anticipated to strengthen its presence going forward with the addition of a convention center.
Phoenix has exploded in growth over the last decade, developing a diverse and welcoming economy that has allowed the city and surrounding communities to outperform other top-25 markets.
In the past three years, the city of Richmond has seen significant growth in RevPAR, outpacing the regional area and the state of Virginia in the post-pandemic recovery period. This article provides an overview of Richmond’s hotel performance and demand sources.