The HVI is the authoritative guide to U.S. hotel values, giving hotel stakeholders an educated edge in buying, selling, and holding opportunities. This online tool provides historical and projected values and RevPAR for the Norfolk - Virginia Beach market.
The Norfolk-Virginia Beach lodging market was growing rapidly when the pandemic struck in early 2020. The momentum quickly resumed, and a healthy recovery ensued in 2021, with hotel performance surpassing 2019 RevPAR levels by the end of the year. Going forward, ADR is expected to continue on a healthy track, while occupancy will temper.
The Hampton Roads area has historically benefited from strong leisure and tourism demand, government activity at the area’s military facilities, and corporate travel. Since early March 2020, however, the Hampton Roads lodging market has suffered a decline in demand, like most metropolitan areas in the United States, because of the COVID-19 pandemic. How much of an impact has the market experienced, and how quickly can this historically stable market recover?
Richmond was recently rated among the world’s top tourism destinations, and leisure demand remains a pillar of the city’s hotel industry. Corporations, government institutions, and conventions are also driving occupancies and interest in new supply.
Though on the verge of an influx of new hotel supply, demand in Hampton Roads has risen in recent years, improving occupancy and allowing hoteliers to command better rates.
Is it a buyer’s market, a seller’s market, or simply time to develop?
Shipping, health care, higher education, tourism, and the military are just some of the industries that diversify Charleston’s economy and help area hotels fare better than in most other markets during the recession.