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.
Cincinnati experienced a banner year in 2019, with hotel performance reaching peak levels given the diverse base of lodging demand sources. However, since early March 2020, Cincinnati-area hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. Fortunately, lodging performance has improved in recent months, and significant investments throughout the region are forming a good foundation for market recovery.
At the 2019 Phoenix Lodging Conference, the HVS Team heard muted optimism and a view that growth in the next 24 months may vary widely across markets. We would encourage owners to investigate the sometimes overlooked top 50 MSAs that still could experience value appreciation in those 24 months.
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 Chicago investigates the changing dynamics.
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.
Hotel values in St. Louis are rising, and RevPAR reached a new high in 2015. A rise in convention bookings, along with expansion efforts aimed at drawing more leisure demand, provide for an optimistic outlook for the city’s hotel industry.