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Iceland has seen explosive tourism growth since 2010. Summer's midnight sun, Winter's Northern Lights and year-round natural beauty have kept the tourists coming, resulting in strong hotel performance and a booming sharing economy.
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.
The Niagara Falls, ON, region is seeing another record-breaking year in RevPAR growth. The rise in occupancy and average daily rate is expected to continue with the persistence of the weak Canadian dollar and the rise in US/international travellers.
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.
The hotel industry is in the midst of a dramatic change. However, knowing there is a need for change is not enough. Real change or transformation is the most daunting task facing organizations and individuals in today’s fast paced & innovative world.