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The New York City borough of Manhattan is among the strongest, most diverse, and most dynamic hotel markets in the world. Manhattan’s resiliency has been borne out over the course of recovery from three national recessions since 1989. This report examines the effects of past recessions on hotel performance in Manhattan, as well as the dynamics of hotel supply and demand and forecasts for the health of the local lodging industry in the near term.
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Evidencing Las Vegas’s resiliency, the annual number of visitors exceeded 42 million for the third consecutive year in 2017. The market exhibited declines in visitation following the shootings on October 1, 2017, with lower numbers exhibited each month from October 2017 through March 2018 compared to the respective months in the prior year. However, the market appears to have rebounded from the tragic event, with visitation increasing in April and May of 2018 compared to the same months in 2017.
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Thomas Hazinski, one of the authors of the HVS report, pointed out that San Diego is in the enviable position of being one of the more popular convention destinations. “After the expansion, the (entire) San Diego center would put $1.2 billion into the economy a year. That's a lot and there are not many cities who can say they can do that,” said Hazinski, managing director of HVS Convention, Sports and Entertainment. “Most cities would die for what you have.”
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This article reviews important keynotes to protect wellness and hospitality investments after a decade of significant market and industry change. The recent U.S. tax cuts in 2018, have given many households and companies, a sense of relief from taxation with an improved economic outlook and sense of stability. This has ignited a swell in travel, business, and consumer spending. This article reveals how recalibrating investment outlines, management and strategic planning can increase the life-cycle and sustainability of the business, and how to prepare for the increasing speed of change in the years to come.
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The Tucson lodging market often lives in the shadow of its bigger sibling, Phoenix. And while meeting and group demand in both markets is driven by Arizona’s idyllic weather during the winter and spring, differences in local dynamics paint significantly different pictures in terms of leisure and commercial demand.
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Prospective owners can rely on HVS to fully evaluate every hospitality project to determine its investment viability. We provide thorough market supply and demand studies and financial feasibility analyses to help you understand and unlock potential performance. Our longstanding relationships with major hotel companies offer vast insights into the operating performance of all types of hotels and mixed-use properties. This unrivaled intelligence means the assessments and forecasts we deliver are highly credible so that you can make a “go/no go” decision with confidence.
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