The San Francisco hotel market experienced strong momentum in 2016, matching the city’s vigorous economy.
Although the development pipeline is anticipated to expand, the construction and opening of new hotels should continue at a modest pace.
Washington, D.C. remains a top draw for leisure, convention, and government demand, with market-wide RevPAR ranking among the highest in the nation. Convention demand and tourism continue to grow, helping to push the market’s overall performance.
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 markets across Somerset, Morris, and Middlesex Counties in northern New Jersey have realized a rise in commercial lodging demand, the result of corporate relocations from New York City and local company expansions.
Demand from a variety of sources has risen in Chicago, pushing occupancy to a ten-year high in 2015. More than 6,000 new rooms are expected in the market over the next three years, though average rates and hotel values should continue to grow.
There is no doubt that New York City is down, but it is important to understand the market fundamentals behind the current trends; specifically, what is going wrong, what is going right, and when the trends will be reversed.
In recent years, Miami has become a magnet for real estate investments from overseas. We discuss the dynamics of Miami’s evolving role on the world stage of hospitality, including foreign investment driving new hotel construction in the city.