Toledo has long lived in the shadow of its neighbor to the north, Detroit, with an economy steeped in auto manufacturing and industry. The city is known for Jeep, Jamie Farr, and Tony Packo’s, but a thriving lodging market? HVS’s Stacey Nadolny investigates the changing dynamics in her hometown.
Bolstered by dozens of companies relocating to the urban core and the country’s largest convention center, Chicago has solidified itself as one of the most vibrant and active lodging markets in the United States.
This market pulse provides an overview of the tourism and hotel market in Lisbon, Portugal. This snapshot discusses recent tourism trends, the impact of new supply on performance and provides a summary of the hotel pipeline.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.
Washington, D.C. remains a top draw for leisure, convention, business, and government demand, with market-wide RevPAR ranking among the highest in the nation. Convention activity and tourism continue to grow, pushing the overall market performance.
Chicago continues to attract hotel development to the downtown market, thanks to its proximity to global transportation and well-educated workforce. The installation of Chicago’s 60th crane in 2017 suggests that development is still robust.
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.
Public sector involvement in convention center hotels is common due to high cost of development and lack of private capital for such investments. Many communities provide public subsidies to projects that are not feasible on a purely private basis.
Though historically associated with residential and low-rise commercial buildings, modular construction has gone more upscale in recent years. What are the benefits, and what should hotel developers consider before going modular?