Global Hospitality Report (May 23, 2017)

Cap Rates Decline Slightly in Most Recent HVS Brokers Survey 

Per the HVS Spring 2017 Broker Survey, completed in early May, cap rates have declined modestly across most hotel categories since the Fall 2016 survey; for example, the average reported cap rate for full-service hotels fell to 8.0% from the 8.3% recorded last fall. In addition to going-in and exit cap rates, the Spring 2017 survey reports the latest in rooms revenue multipliers, exposure and marketing times, selling expense ratios, and liquidation effects for the U.S. and Canadian hotel transactions market, as well as the sentiments from U.S. and Canadian hotel brokers, among these four categories: luxury and upper-upscale hotels, full-service hotels, select-service hotels, and limited-service and economy hotels. Brokers were slightly more optimistic about trends for the luxury/upper-upscale and full-service hotels, while somewhat conservative in their outlooks regarding the select-service and limited-service/economy assets. While buyers remain active and plentiful, relative conservatism prevails nationally given the industry’s peak RevPAR position, new supply on the horizon, and interest-rate increases looming. The HVS Spring 2017 Broker Survey presents these and more results from top hotel brokers. 

Canadian Lodging Outlook Quarterly 2017-Q1 

In the first quarter of 2017, the Canadian lodging market continues to fire on all cylinders with RevPAR growth outpacing 2016 growth. Alberta and Newfoundland are charting positive growth for the first time in three years!

In Focus: Countryside of Tuscany, Italy 
By Ezio Poinelli, Pavlos Papadimitriou and Nana Boussia

This article provides a market snapshot of Tuscany, Italy. Tuscany represents one of the most established touristic markets in Europe and the third most visited region in Italy, widely known for its landscapes, traditions, history and artistic legacy.

Meet the Money 2017 Key Takeaways 
By Shannon Sampson, and Aaron Solaimani

Hotel stakeholders shared a diversity of insights into U.S. hotel industry trends during the lifecycle of a hotel, including development, conversion/repositioning, and disposition.

Marriott to Bring Moxy Hotels to Japan 

Marriott International is bringing its millennial-focused boutique hotel brand, Moxy Hotels, to Japan with two new properties scheduled to open later this year. Located in the heart of Tokyo’s historical site Kinshicho and in close proximity to the Kinshicho Station, the Moxy Tokyo Kinshicho will feature 205 rooms. The hotel is converted from a stand-alone office building, owned by Goldman Sachs and managed by Tokyo-based commercial real estate developer, Pacifica Capital. The second property, Moxy Osaka Honmachi, situated a short distance from the Honmachi Station and comprising 155 rooms, is also a conversion from a stand-alone office building owned by Goldman Sachs and managed by EGW Asset Management. The two new properties will mark the second and third Moxy hotels in Asia Pacific, following the opening of the first Moxy in Bandung, Indonesia in Q3-2017.

HVS Releases the HVI Online Tool  

This week, HVS London has unleashed the Hotel Valuation Index Online. This new facility gives you the chance to explore the 33 markets included in this year’s HVI publication in greater detail. Not only that, our new online service also shows the percentage change in RevPAR and value for each market in easily downloadable graphs. Delve into the detail at


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