Propelled by the driving force of the University of Alabama and the automotive manufacturing industry, Tuscaloosa’s lodging market quickly rebounded post-pandemic and trended upward through 2023. The outlook for area hotels remains positive, and interest in new hotel development is thriving in the greater market.
In 2023, Seattle was a beacon of renewed strength in the Pacific Northwest given its vibrant concert and sports event calendar, record-breaking cruise season, and $1.9-billion expansion of the Seattle Convention Center. As a result of these factors, Seattle was one of the nation’s best-performing hotel markets during the summer.
The Manhattan market was severely affected by the COVID-19 pandemic but has been experiencing a rebound, primarily driven by strong gains in average rate over the last three years. Legislative and supply changes are expected to positively affect hotel market trends going forward, and our demand forecast shows a rebound beyond 2019 levels by 2025.
The hotel market of Bakersfield, California, thrives year-round due to the area’s robust industrial business and strong manufacturing and distribution industry. Moreover, the city and the surrounding area are poised for major growth, with upcoming developments that will enhance the market’s appeal and attract further demand.
The COVID-19 pandemic accelerated hospitality’s shift towards remote work, challenging the sector to adapt roles for remote environments, ranging from customer service to event planning. While remote work offers advantages for both employers and employees, it also presents multiple challenges for them. Companies must balance attracting younger talent with the limitations of remote work, identify roles suitable for remote settings, and invest in the infrastructure necessary to support this model.
Orlando was one of the first of the top 20 U.S. hotel markets to recover from the pandemic. Going forward, Orlando's hotel demand is expected to be bolstered by the addition of new tourist attractions in the market, increased flight capacities, greater inbound international travel and group bookings, and the recovery of the business segment.
Formerly a haven for retirees and snowbird travelers, Naples has been revitalized as a popular destination for all generations. While the area’s natural attractions, hotels, restaurants, and shopping districts will remain its most popular attractions, sports tournaments and events have become a new focus in Naples.
Baltimore has struggled to recover from the impact of the COVID-19 pandemic and the negative perception of the downtown neighborhoods. However, ongoing or planned development and revitalization efforts bode well for the future of the city.
HVS was a proud sponsor of this year’s ALIS conference, where the sentiment was upbeat and optimistic for the year ahead. This article provides our key takeaways from the conference.
With inflation decelerating, fears of a recession receding, and supply growth muted, the overall outlook for U.S. hotel metrics in 2024 is one of modest, steady growth. The investment market is also showing increased signs of life, as inflationary concerns are diminishing and interest rates are improving modestly.