Along the lines of the Bob Marley song, the Caribbean is “alright” despite lingering issues such as post-Hurricane rebuilding, new supply, and Sargassum. Resiliency continues as hoteliers have focused on crisis management and innovative product types to drive tourism and investment in the region.
As the summer travel season sets in, millions of families across the United States are setting out on their annual road trips. My family, fresh off a Spring Break trip from St. Louis to New Mexico and back, will be among those millions on our planned summer excursion to the Rocky Mountains.
The 41st NYU International Hospitality Industry Investment Conference wrapped up on June 4, 2019, and the overall sentiment of the event was one of caution, a shift from a sentiment of cautious optimism at conferences earlier in the year.
In 2018, Los Angeles welcomed a record 50 million visitors, with hotel occupancies and average rates reaching peak levels. Nevertheless, hotels have begun to feel the effects of new supply. This article provides an outlook for 2019.
Phoenix is undergoing economic expansion after extended post-recession recovery. Hotel-performance growth continues despite post-Super Bowl ADR correction and a large new supply pipeline; however, supply growth will soon overtake increases in demand.
While Tucson may be overshadowed by Phoenix, the market is making strides in its own right. New supply remains at healthy levels and is not expected to negatively affect performance for the greater market.
Government and private revitalization efforts loom large in Lubbock, with more than a dozen new hotels scheduled to arrive by 2020. Major redevelopment projects promise to drive the demand for lodging, although full absorption may take several years.
The Niagara Falls, ON, region is seeing another record-breaking year in RevPAR growth. The rise in occupancy and average daily rate is expected to continue with the persistence of the weak Canadian dollar and the rise in US/international travellers.
Thanks to energy-driven demand, Houston achieved record occupancy levels in 2014. The recent fall of oil and gas prices and more than 5,000 new rooms on the horizon poses a challenge to market-wide occupancy, though average rates continue to climb.