The St. Louis lodging market was growing when the COVID-19 pandemic struck in March 2020 and derailed its momentum. A healthy recovery ensued in 2021, and by year-end 2022, the city’s hotel performance was back on track. Although headwinds remain, the outlook is positive, as investments throughout St. Louis are paving the way for strength in the hotel market.
This article briefly recaps the 2018 and 2021 zoning changes in New York City as they relate to hotel development.
Nicknamed “the Magic City,” Miami has maintained its position as a world-class destination despite the national economic challenges experienced since 2020. Hotels in the greater Miami-Dade market have continued to realize year-over-year growth in both average daily rate and occupancy over the last several years.
Hotels in the Houston area faced a significant RevPAR decline in 2020, and at the beginning of 2023, the market is again contending with uncertainty surrounding rising inflation, risk of a potential economic slowdown, and volatility in its largest industry. In this article, we take a look at Greater Houston lodging recovery thus far and the outlook for the future.
The Niagara Falls lodging market is rapidly recovering after the devastating pandemic-induced RevPAR decline of 72.9% in 2020. The market-wide RevPAR has reached 97% of the 2019 level in 2022 and is projected to reach 112% in 2023. ADR growth is leading the recovery.
The Detroit lodging market continues the road to recovery, with RevPAR levels nearing pre-pandemic levels due to the ADR rebound. Improving economic conditions, multiple large-scale developments, and the continued popularity of Detroit as a leisure destination are expected to support occupancy growth throughout 2023.
Despite a somewhat slow rebound when compared to many other major markets, the Washington, D.C. hotel market, inclusive of the luxury hotels, has experienced significant growth since mid-year 2022, led largely by ADR. The luxury market in D.C. has not seen this amount of change in decades, making it an exciting time for the segment. This article explores the recent luxury hotel performance in Washington, D.C.
Despite a demand surge after the reopening of Disneyland, hotel demand in Anaheim-Santa Ana lagged in 2021 due to a muted convention calendar, staffing shortages, and limited Disneyland ticket availability. ADR illustrated strong growth in 2021 and 2022, with further growth expected in 2023 given Disney’s centennial celebrations. Development projects herald a bright future for the area, supported by record transactions and the construction or rebranding of upscale and luxury hotel properties.
On January 25, 2023, the Seattle Convention Center (SCC) is debuting the completion of its expansion, known as Summit, which nearly doubles the capacity of the convention center facilities. This addition is not your average convention center expansion, with numerous unique and energy-efficient design features. This article provides an overview of the new building and its expected impact on the Seattle lodging market.
Southwestern Utah is known for its world-class outdoor recreation offerings, including Zion National Park. However, following the pandemic, the region not only experienced peak demand levels, but also became the first destination market in the world to hold three Ironman Championships within a 13-month period. With the rise in popularity of the region, it has become a focal point for new development.