Chicago continues to attract hotel development to the downtown market, thanks to its proximity to global transportation and well-educated workforce. The installation of Chicago’s 60th crane in 2017 suggests that development is still robust.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.
The YYZ hotel market has been capitalizing on growth in airport traffic. Hotel revenue growth is expected to shift from occupancy gains to rate increases as occupancy levels remain high and capital improvements to lodging facilities are completed.
The Canadian Lodging Industry experienced 7.0% RevPAR growth through June 2017. Wow! ADR is the main contributor particularly in the Luxury segment caused by the low dollar with Ontario and British Columbia leading the pack.