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?
This article reviews the main terms of hotel management contracts in Europe. The terms provided are broad indications only, and can vary significantly depending on element such as asset class, location, brand, operator and type of investor.
In response to rising demand for unique designs, developers are turning to adaptive reuse as a means of creating one-of-a-kind hotels. Historic building conversions come with their own sets of challenges, balanced by potential rewards.
Washington, D.C. remains a top draw for leisure, convention, and government demand, with market-wide RevPAR ranking among the highest in the nation. Convention demand and tourism continue to grow, helping to push the market’s overall performance.
Demand from a variety of sources has risen in Chicago, pushing occupancy to a ten-year high in 2015. More than 6,000 new rooms are expected in the market over the next three years, though average rates and hotel values should continue to grow.