The Washington, D.C. metropolitan area hotels have been more affected by the COVID-19 pandemic than many other major markets across the United States. Will recent disruptors derail a market typically regarded as well insulated and historically poised for growth? What will the recovery look like?
Companies in the hospitality industry are choosing to make diversity and inclusion a priority. By doing so, their organization best represents today’s market and also helps them attract and retain the best talent in the industry. Hiring a chief diversity officer, developing an inclusivity strategy, and connecting with their varied client base can ensure that diversity is being addressed at every level and companies are successfully achieving their goals.
The challenges faced by the City of Roses in 2020 were nothing short of devastating. Not only did the COVID-19 pandemic wreak havoc on the local economy, but social injustice and political demonstrations, as well as devastating fires that displaced thousands and resulted in hazardous air quality, continued to impede recovery efforts throughout the year. Moreover, the exaggerated national media attention further exacerbated conditions. Looking ahead, Portland as a city works to heal and rebuild.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type.
Based on patterns of recovery following the two most recent recessions, HVS projected the lodging tax revenues of 25 US urban markets. Compared to a baseline scenario without the pandemic, HVS estimates combined lodging tax losses across these markets could range from $4.4 to $6.1 billion. Losses of this magnitude will force stakeholders to consider steps such as debt refinancing or seeking alternative revenue streams until the hospitality industry recovers from this pandemic.
En vista de la experiencia de HVS en México y en otros países del mundo, hemos querido preparar y distribuir este breve documento que proporciona algunos datos sobre el comportamiento del mercado hotelero de cara a eventos de shock como el que ahora vivimos. Queda claro que este evento no es igual a otros pasajes que se pueden analizar y que las circunstancias del evento actual cambian literalmente por hora.
Spokane is becoming a national meeting-and-group destination following the convention center’s expansion and the opening of a new headquarters hotel in 2015. A greater variety of groups and events are attracted to Spokane, with 2019 tracking to be a record year for the city.
Possessory interests result from unique circumstances. Understanding its origin and purpose is necessary when performing a possessory interest appraisal. This article describes possessory interest and provides valuation methodology guidance.