Commercial, leisure, and meeting and group demand has risen in the Boston market over the past two years, resulting in near-record occupancy levels for hotels. Though new supply is set to arrive over the next 2 years, demand is expected to hold pace.
Occupancy in Greater Philadelphia rose above 67% in 2014, and average rates continue to gain ground. The arrival of new supply in Center City next year is expected to have a minimal impact on occupancy, and rate growth should endure in the near term.
$2.5 billion in projects are under development across multiple economic sectors, including tourism, in St. Louis. The return of commercial and leisure demand, along with rising average rates, should speed recovery for the city’s hotels.
Awards for quality of life and career development have graced the Twin Cities in recent years, and a growing number of global corporations have established operations in the area. How do hotels stand to benefit from Minneapolis’ economic resurgence?
St. Louis’ job losses in manufacturing have been mitigated by stable financial, government, education, and healthcare sectors. How has the recession impacted area hotels, and what will it mean for the future of this market?