9 results
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The diverse array of employers throughout the Columbus region has contributed to the growth of the local economy post-pandemic. This economic growth has bolstered the local hospitality market with expectation of continued growth in the near term.
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After bottoming out from the effects of the pandemic in April 2020 and facing consistent challenges throughout 2020, Cleveland’s hospitality industry has been steadily recovering throughout 2021 and 2022. A full recovery is expected by 2024, led by strong leisure demand and the return of meeting and group demand.
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For 2017, the highest RevPAR growth is anticipated for markets such as Sacramento, Washington D.C., Tucson, Chicago, Salt Lake City, Albuquerque, Houston, and Nashville, per the ALIS presentations.
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This past year, Cleveland has gained a major casino, a world-class aquarium, and a state-of-the-art convention center. How does this impact the lodging market?
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Cincinnati’s workforce is set to return to pre-recessionary proportions by 2014, making the city’s economic recovery among the fastest in the Midwest. Cincinnati’s hotel industry has realized slower growth, though demand and ADR are trending upward.
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Unemployment and office vacancy has been dropping in Columbus, the state capital and a major center for financial and healthcare services in Ohio. Hotel occupancy hit a record high in 2012, and average rates are gaining ground.
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A mix of cultural and commercial projects continues to steer businesspeople, tourists, and conventioneers toward Cincinnati, giving area hoteliers some hope in the tough economy.
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Unemployment rates are surging, global stock markets are crashing, commodities are collapsing, and the real estate bubble has finally burst. What moves can hotel developers make during the downturn?
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Business growth is in league with happenings on the hotel front to help forge new promise for this evolving city.