Given the significant traction in distribution of the COVID-19 vaccines throughout the United States and general international travel restrictions, leisure travel has begun to recover in 2021 and is expected to continue increasing, with Americans seeking so-called “revenge travel” to a domestic getaway. Business travel is also beginning to show signs of recovery, and some group business related to conference attendance is returning.
In light of the coronavirus (COVID-19) pandemic and the effect it has had on lending and new development in the hospitality industry, it may be beneficial to review the basics and walk through the investment life cycle of a hospitality asset. This guide is intended to be a helpful reference for a seasoned hospitality professional, a student looking to break into the industry, and anyone in between.
With nearly 2,000 registered, the Lodging Conference brought together members of the hospitality industry to discuss the recovery, challenges, and successes of the industry to date. The highlights of the event from those that attended from HVS are summarized here.
The ALIS Conference came and went this week, bringing Downtown L.A. hotels to life with optimism and hope that normal for the hotel industry is coming in the not-too-distant future. Here are some collective takeaways from our team that was in attendance.
Like elsewhere, the United States’ restaurant sector has had a tough time responding to the seemingly endless challenges posed by COVID-19. However, interesting trends are emerging.
The COVID-19 pandemic brought Boston’s hotel market to its knees. How far has the Boston hotel market fallen? How does this compare to other major metropolitan areas? What will the recovery look like?
The Hampton Roads area has historically benefited from strong leisure and tourism demand, government activity at the area’s military facilities, and corporate travel. Since early March 2020, however, the Hampton Roads lodging market has suffered a decline in demand, like most metropolitan areas in the United States, because of the COVID-19 pandemic. How much of an impact has the market experienced, and how quickly can this historically stable market recover?
Hotels in Fort Lauderdale and the greater market recorded a banner year in 2019. The new decade kicked off a strong start with expectations that the momentum would continue, led by the demand from Super Bowl LIV held in nearby Miami Gardens. However, the onset of COVID-19 in March 2020 brought travel to a sudden standstill across the nation, immediately impacting hotels in the local market.
HVS discusses the main hotel transactions that took place in 2020 and looks at the trends in single-asset and portfolio transactions over the years.
The COVID-19 pandemic has negatively affected hotels in the greater San Antonio market since early March 2020, similar to most cities in the United States. How far has the San Antonio hotel market fallen? When is group demand expected to rebound? What will the recovery look like?