

From OKC’s easy-to-navigate Will Rogers World Airport, we made our way to the Ambassador Hotel; its residential feel, friendly staff, and cozy restaurant made for a perfect home base for the trip. The property is surrounded by an array of dining options in its neighborhood, including the popular Stella and the Waffle Champion.

Downtown's Neighborhood Supply Mix

Source: HVS
The city has experienced a relatively large influx of new supply in recent years, and performance is holding up as of the date of this article. Our work in both the Airport and Downtown submarkets reflected occupancy remaining steady or declining slightly as of September 2018 (expected to be in the 69% to 72% range by the end of the year in both submarkets), with average daily rate (ADR) holding in the low $90s. While oil prices have fallen in the recent past, and oil futures remain depressed, as well, the overall lodging market has demonstrated relative stability driven by the strength of the aerospace and medical industries, as well as the presence of local, county, and state government entities (including a large FAA installation). Leisure attractions and special events, including the Thunder NBA games at the
Chesapeake Energy Arena, further bolster the mix of demand generators.
Oklahoma City's Key Performance Indicators

Source: HVS, STR, Greater Oklahoma City Chamber, Cox Business Services Convention Center,
and Will Rogers World Airport
and Will Rogers World Airport

I was lucky enough to receive a private tour of the historic First National Center (built in 1931), which is under redevelopment. Viewing the grand lobby and spaces reminded me of the tour I had of the Colorado National Bank before its developers turned it into the popular Renaissance Denver Downtown. If the plans hold true, the rebirth of First National will become one of the highlights of Downtown and a center for tourism and events.

Thank you to Hunter Dietz, HVS Senior Project Manager, and Kathleen Donahue, Managing Director, for contributions to this article. If you have any questions on this market or need the consulting expertise of HVS to help you, please call on Hunter to assist you. If you are thinking about refinancing, buying, or selling a hotel, please call on Drew Noecker, our Managing Director of Brokerage & Advisory, to assist you.
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