Global Hospitality Report (February 22, 2016)

HVS Releases Q4 Manhattan Lodging Overview 

The New York City borough of Manhattan is among the strongest, most diverse, and most dynamic hotel markets in the world. Manhattan’s resiliency has been borne out over the course of recovery from three national recessions in the past 25 years. Presently, its lodging market is in the midst of a significantly prolonged recovery, compared with that from past recessions. This extended recovery is expected to be aided by massive new neighborhood developments, a strong national economy, and, by extension, the wide array of leisure, commercial, and meeting and group demand generators in the borough. The chief hindrance to an accelerated recovery is the current supply pipeline, extending through 2018, and its negative effect on average rate in the market. The 2015 HVS Manhattan Lodging Overview provides detailed insight and data-rich graphs, charts, and tables in order to track the trajectories of hotel supply, demand, and performance.

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Market Pulse: Greensboro, NC 
By Patricia Shih

The Greensboro hotel market benefits from a strong, diverse set of local, regional, national, and global demand generators. While a handful of proposed hotel projects are underway, demand growth is expected to keep pace with the new supply.

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Marriott and Eastern Crown Partner to Launch ‘Fairfield By Marriott’ in Mainland China 

Marriott International and China’s Eastern Crown Hotels Group have signed an exclusive development agreement to bring the ‘Fairfield by Marriott’ brand to mainland China. The agreement targets having 140 hotels signed in the next five years, of which 100 are expected to be opened by 2021. Each Fairfield hotel will have between 100-150 rooms. According to an official statement, the introduction of the Fairfield brand is part of Marriott’s strategic plan to penetrate into the midscale hotel segment in China and expand rapidly across a broad spectrum of price tiers and locations across the country. ‘Fairfield by Marriott’ will be the tenth brand in the Marriott portfolio to be introduced in mainland China. The company currently has more than 80 hotels operating in the country with a presence in 25 cities.

HVS APAC HOSPITALITY NEWSLETTER.
Starwood Closes Hotel Imperial Deal  

Starwood Hotels & Resorts has closed the sale of the 138-room Hotel Imperial, a Luxury Collection Hotel in Vienna to UAE-based conglomerate Al Habtoor Group for US$78.8 million (US$571,000 per room). The hotel's building dates back to 1863, when it was built as a residence for Prince Philipp of Württenberg, and it was converted into a hotel in 1863. As part of the deal, the hotel will undergo a rooms renovation over the next four years, and it will continue to be flagged as a Luxury Collection property under a new long-term management agreement.

HVS EMEA HOSPITALITY NEWSLETTER.

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