As economic recovery resumes and tourism strengthens, Washington, D.C. remains a top draw for leisure, convention, and government demand, with area hotels achieving some of the highest RevPAR levels in the nation.
Underpinned by emblems of education, government, business, music, and history, Austin’s economy ranks among the best in the nation. New full-service hotels should lead to more convention demand, with hotel performance growth expected market-wide.
The recent recession cut into Wilmington’s hotel market as demand from financial institutions and other firms weakened; however, new projects, rising room rates, and a strengthening economy in the city and MSA are putting RevPAR on the mend.
Downsizing, travel freezes, and facility closings have made the climate bleak for hotels in northern Delaware, but a slowdown in the introduction of new supply should help shore up penetration levels when business activity and demand growth resume.
Research shows that the recession has disproportionately affected occupancy at the older hotels in the Hampton market. With several large-scale developments promising to change the makeup of demand, a need for newer hotels is evident.