Following the devastating impacts of Hurricanes Irma and Maria and the effects of COVID-19, the U.S. Virgin Islands achieved the highest percentage increase in visitors between 2019 and 2022 of any Caribbean nation. This article explores tourism trends in this growing Caribbean destination.
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 post recaps the SWOT analysis for the U.S. hotel real estate and investment industry as outlined at the GF Hotels Forum in Towson, Maryland.
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.
The Canadian hotel industry roared back in 2022! ADR was 10% higher than 2019 in spite of occupancy remaining 6% lower, resulting in a 3.5% RevPAR lift from pre COVID market performance.
More good news for hoteliers; when RevPAR growth emanates from ADR, NOI’s are healthier as are hotel values.
Fastest bounce back? Hotels less than 75 rooms in tertiary markets in Atlantic Canada. PEI and Newfoundland were the Provincial leaders with pre Covid RevPAR increases of 16.7% and 16.1% respectively.
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.