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.
Since March 2020, Boise hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. Which factors affected 2020 hotel performance, and what key elements are expected to influence hotels in the Treasure Valley’s capital? What will the recovery look like?
Declining oil and gas prices since 2014 have largely resulted in an economic retrogression in Alaska. Aside from the oil and gas industry, the tourism industry is one of the largest private-sector groups of employers in the state and accounts for one of every eight jobs. Therefore, the impact of the COVID-19 pandemic has been detrimental to the local economy. While the widespread availability of a vaccine has ignited hope, tourism recovery faces some obstacles in 2021.
Rod Clough, President – Americas, interviewed Kasia Russell, Managing Director and Senior Partner overseeing the U.S. Pacific Northwest region, on February 3, 2021, to discuss the current market dynamics and the outlook for recovery.
The challenges faced by the City of Roses in 2020 were nothing short of devastating. Not only did the COVID-19 pandemic wreak havoc on the local economy, but social injustice and political demonstrations, as well as devastating fires that displaced thousands and resulted in hazardous air quality, continued to impede recovery efforts throughout the year. Moreover, the exaggerated national media attention further exacerbated conditions. Looking ahead, Portland as a city works to heal and rebuild.
Seattle effectively closed for business in early March 2020 because of the COVID-19 pandemic. Attempts to reignite the local economy have faced multiple setbacks, compounded by 40+ national convention cancellations, the shuttering of the 2020 cruise season, and the substantial decline in inbound domestic and international travel. The effects of COVID-19 on the Pacific Northwest have been nothing short of catastrophic to the hospitality industry.
Hotels are complicated investments and evaluating the most suitable hotel operating model for a hotel investment is crucial to ensure that the owner’s return is optimized. This publication summarizes the evolution of a number key terms in the hotel management agreements and our outlook on how these key terms may evolve in the future, provides an overview of franchise agreements and highlights alternative agreements that are being considered by sophisticated owners in the Middle East region.
Boise’s influx of new hotels since 2016 resulted in a year of absorption in 2019. This article reviews Boise’s current economic projects, tourism trends, the impact of the hotel development pipeline, and the per-diem rate increase in 2019, as well as the outlook for 2020.
A few major cities in Oregon, including the state’s capital, are located along Interstate 5, a major corridor that spans the length of the West Coast. Salem, Eugene, and Medford are prominent stops and growing tourism destinations along this route.
Vancouver is experiencing a development renaissance. Instilled with a new sense of confidence by The Waterfront’s ongoing success, Portland’s lesser known neighbor is buzzing with new construction projects, including office, multi-family, retail, and hotels along The Waterfront.