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.
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.
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.
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.
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.
Asheville’s hotel industry thrives on tourism, though other demand segments have been making headway. A rise in occupancy and average rate over the past several years is expected to continue, driving hotel development in the city’s downtown.