Major events and tourism boosted occupancy and average rate in the Twin Cities in 2015. Hotels stand to benefit from increased visitation in the years to come, keeping average rates and property values on the rise.
Phoenix’s growth in 2015 reflects the hopes of hotel developers and owners in the market, as performance closes in on pre-recession levels.
Each year, HVS researches development costs from our database of actual hotel construction budgets, industry reports, and franchise disclosure documents. These sources provide the basis for our range of component costs per room.
Thanks to energy-driven demand, Houston achieved record occupancy levels in 2014. The recent fall of oil and gas prices and more than 5,000 new rooms on the horizon poses a challenge to market-wide occupancy, though average rates continue to climb.
A comparison of the luxury hotel markets in Berlin, Prague and Warsaw.
San Antonio’s array of industries, including tourism, manufacturing, technology, and defense, provide strong demand to local hotels. Given the city’s low unemployment and growing economy, hotel occupancies and average rates should continue to rise.
Unemployment in Philadelphia remains high, though the city’s broad economic base continues to slowly recover. RevPAR levels for Philadelphia hotels are expected to strengthen in the near term, with demand outpacing recent supply additions.
Fortune 500 companies, universities, and a thriving arts and culture scene drive commercial, meeting and group, and leisure demand to Minneapolis hotels, which have experienced a solid recovery over the past two years.
In this article, a case study is used as the basis for examining the various types of comparable sales adjustments, and the logic behind their application.
Metro Denver’s economy is set to outperform the nation’s this year, and conventions in the city are on the rise. Hotel RevPAR in 2012 surpassed Denver’s pre-recession high, and healthy demand levels are pushing the pace of hotel transactions.