The HVI is the authoritative guide to U.S. hotel values, giving hotel stakeholders an educated edge in buying, selling, and holding opportunities. This online tool provides historical and projected values and RevPAR for the Tampa - St Petersburg market.
Starting mid-March 2020, hotels in the greater Tampa-St. Petersburg area faced record declines in demand, similar to many major markets in the United States, because of the COVID-19 pandemic. Nevertheless, the Tampa-St. Petersburg market ended 2020 with the highest average occupancy of any of STR’s top 25 U.S. travel markets. What was the impact for local hotels in the greater metropolitan area? What will the recovery look like for the market?
Overall, the pulse of each area within the Southeast region was positive, with some expecting some softening in occupancy this year, which mirrors our overall national sentiment. ADR growth should keep overall RevPAR change in the positive column.
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.