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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.
Over the past year, the Albuquerque and New Mexico market have suffered unprecedented declines in demand because of the COVID-19 pandemic. These declines have been driven by more restrictive state-imposed limitations on travel and business operations, especially for hotels. As the state begins to emerge from COVID-19 restrictions, we examine the recovery outlook.
Rod Clough, President – Americas, interviewed McKenna Luke, Senior Vice President, Albuquerque and Michael Smithson, Vice President, Phoenix overseeing the Southwest region, on April 8, 2021, to discuss the current Phoenix market dynamics and the outlook for recovery.
For 2017, the highest RevPAR growth is anticipated for markets such as Sacramento, Washington D.C., Tucson, Chicago, Salt Lake City, Albuquerque, Houston, and Nashville, per the ALIS presentations.
Is it a buyer’s market, a seller’s market, or simply time to develop?
Unemployment rates are surging, global stock markets are crashing, commodities are collapsing, and the real estate bubble has finally burst. What moves can hotel developers make during the downturn?