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Jonathan Nehmer + Associates, Inc. (Nehmer) and HVS Design, leading Architecture, Interior Design, and Project Management firms specializing in the hospitality industry, are proud to announce the release of the 2025 Hotel Cost Estimating Guide. The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations.

Now in its 17th year, the 2025 Hotel Cost Estimating Guide evaluates costs in a variety of hotel tiers, including Economy, Extended Stay, Midscale, Upscale, Upper Upscale, and Luxury. Within each tier, costs are separated into the categories of Guestrooms, Guest Bathrooms, Guestroom Corridors, Public Spaces, Food & Beverage Outlets, Function Spaces, Guest Amenities, Infrastructure, and Common Additives.

The following firms contributed unit cost data to the 2025 Hotel Cost Estimating Guide: Benjamin West, Ironstar Construction Inc., POK Construction, Reliance Construction Company, and Zerr Enterprises.

The Hotel Cost Estimating Guide is available as a complimentary download at www.hotelcostestimatingguide.com.

The Newark Airport hotel market has faced significant adjustments since the onset of the COVID-19 pandemic. Changes to the submarket’s hotel supply, coupled with the rebound in passenger levels through Newark Airport, have resulted in a slow but steady recovery of the hotel market. Recent and upcoming expansion projects at Newark Airport support a positive outlook.

The Baton Rouge lodging market is stabilizing after several years of mixed performance. Record-high ADR and demand tied to industrial projects are helping to balance ongoing occupancy challenges and longstanding supply pressures. Future demand growth will depend on correcting the hotel and event supply issues.

Albuquerque is experiencing dynamic growth, as its rich cultural history is blended with modern developments, such as airport upgrades and hotel openings or renovations. These factors are helping to reshape the local hospitality market.

The Downtown St. Louis hotel market steadily recovered from the impact of the COVID-19 pandemic until 2024, when the recovery stalled due to a correction in leisure demand and disruptions at the convention center. However, subsequent airport passenger traffic growth and completion of the convention center’s expansion, along with other trends and developments, provide a stronger outlook for the market in 2025 and beyond.

This article provides an overview of the use and application of capitalization rates and rooms revenue multipliers in the valuation of limited-service hotels, as well as recent trends for these metrics, as researched and compiled by U.S. Hotel Appraisals and HVS.

The Montréal hotel market has made a strong comeback from the pandemic, experiencing a 4.6% rise in room supply, in contrast to the declines in Downtown Toronto and Vancouver. This expansion, combined with a rebound in air travel, extensive hotel renovations, and effective tourism promotion, has positioned Montréal as the most resilient market. With substantial investments and a thriving meetings and events sector, the city’s hotel industry is undergoing a significant evolution.

Our views around the world reflect early optimism for 2025, with the anticipation of stronger transaction activity and modestly improving hotel metrics in most regions.

The Boston lodging market continues to progress, steadily closing the gap on pre-pandemic RevPAR levels (inflation adjusted). With the new-construction pipeline empty and a record year anticipated in the convention sector, the market’s future is among the brightest in the nation.

The hotel investment industry gathered in L.A. once again for the ALIS Conference last week. It was a fantastic opportunity to reconnect with colleagues, compare notes, and share predictions of what the future may bring.