The tenth annual HVS Lodging Tax Study quantifies the revenue impact of the pandemic over the past year. An analysis of 25 major US markets shows losses totaling approximately $1.3 billion in 2020 from historical levels in 2019. HVS forecasts a loss of $1.45 billion in rooms revenue in 2021 from a baseline scenario with no pandemic. HVS also provides historical data on tax rates and revenues from lodging taxes levied in all 50 States and the 150 largest US cities.
Indianapolis was expecting another record-breaking visitation year in 2020. However, the onset of the COVID-19 pandemic brought the city’s thriving convention and sports/entertainment sectors to a halt, dragging the hotel industry down with it. Fortunately, certain factors, including the continued operation of the Indianapolis Convention Center in 2020 and a promising 2021 calendar of events, are providing a good foundation for its recovery.
The Twin Cities hotel market has suffered a greater loss than that of the nation given the combined impact of the COVID-19 pandemic and civil unrest. Many hotels suspended operations between April and June, with little activity taking place in urban cores. How far has the market fallen, and what will the next few years look like?
At the 2019 Phoenix Lodging Conference, the HVS Team heard muted optimism and a view that growth in the next 24 months may vary widely across markets. We would encourage owners to investigate the sometimes overlooked top 50 MSAs that still could experience value appreciation in those 24 months.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.
Generation Z currently comprises more than a quarter of the U.S. population and delivers a hefty contribution to the economy. They may not be booking hotel rooms yet, but they already have a significant impact on their parents’ choices of accommodation.
Kansas City experiences a wave of new hotel development born by a surge of economic development.
Hotel performance in the Queen City is experiencing record highs, leading to strong interest in hotel development. In this article, we examine what is driving demand growth and how the lodging market will react to an expected supply surge.
Cincinnati’s workforce is set to return to pre-recessionary proportions by 2014, making the city’s economic recovery among the fastest in the Midwest. Cincinnati’s hotel industry has realized slower growth, though demand and ADR are trending upward.
A mix of cultural and commercial projects continues to steer businesspeople, tourists, and conventioneers toward Cincinnati, giving area hoteliers some hope in the tough economy.