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We are proud to be sponsors of and speakers at the California Lodging Investment Conference (CLIC), scheduled for March 7 at the Westin South Coast Plaza in Costa Mesa, CA; the BISNOW Los Angeles Hotel Summit scheduled for March 14 at the Omni Los Angeles Hotel; and the Hunter Hotel Conference scheduled for March 20-22 at the Atlanta Marriott Marquis. HVS will be represented by industry experts Suzanne Mellen and by Adam Lair at CLIC, Luigi Major at the BISNOW Los Angeles Hotel Summit, and Russ Rivard and Heidi Nielsen at the Hunter Hotel Conference.
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The HVS team was pleased to assist Aum Lodging Ltd. in completing an accretive sale process on the Holiday Inn Express & Suites Victoria. “With our firm’s deep knowledge, and through our national marketing efforts, we were able to secure an out-of-state, 1031-exchange buyer who closed on the transaction in less than 45 days,” explained Eric Guerrero, Managing Director at HVS. Team members Drew Noecker and James Rebullida also participated in the transaction.
SEE OUR CURRENT LISTINGS.
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According to Court Williams, Global CEO for HVS Executive Search, “Florian’s great success in leading our expansion in Asia-Pacific coupled with his European roots and deep hospitality intelligence, uniquely qualifies him for his expanded role. I am looking forward to working closely with Florian to grow our presence in both Asia-Pacific and Europe.”
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David Czechowski, Director and Sr. Economist – Research & Analysis for Choose Chicago, will provide a brief update on the state of Chicago’s tourism, offering insights into both domestic and international visitor trends, hotel performance, supply expansion, and the outlook for this year. Join Stacey and her team as they share their ample market intelligence and facilitate conversations with local experts to provide other market perspectives and expectations at our breakfast event. Sponsorship opportunities still available!
REGISTER NOW.
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Our Q1 Industry Statistics Update shows key economic metrics that relate to the hotel industry’s recent performance and near-term forecast. The general consensus for 2019 indicates another good year ahead, albeit with softer RevPAR growth at 2.3%, compared to 3.0% in 2018, attributed to a forecasted uptick in ADR, as occupancy is expected to remain flat given the anticipated 1.9% increase in new supply. Hoteliers should continue to see an increase in third-party booking activity, as has been the trend over the last several years; the cost of sales for OTA business is much higher than bookings through the hotel’s website, which is affecting the bottom line. According to research, despite a rise in interest rates and softened RevPAR growth in recent months, equity yields have continued to decline. As of February 2019, industry experts anticipate general stability in the Federal interest rate this year, which is a much more conservative prediction than in recent months because of softening economic conditions, followed by an expected rate cut in late 2020.
STAY IN THE KNOW.
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In 2018, Amazon revealed two locations for HQ2—Long Island City, New York, and Crystal City, Virginia. Among the anticipated benefits of HQ2 is an influx of new hotel demand. This article examines the potential impact on northern Virginia’s lodging market.
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The Canadian hotel industry blew it out of the park once again in 2018! Growth in demand outpaced growth in new supply 2:1, leading to never before seen levels of national occupancy and average rate. HVS and STR are pleased to provide you with the quarterly report of the Canadian Lodging Outlook. Each report includes occupancy (occ), average daily rate (ADR), and revenue per available room (RevPAR) for six major markets.
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The New York City borough of Manhattan is among the strongest, most diverse, and most dynamic hotel markets in the world. Through year-end 2018, occupancy had remained above 85% for a consecutive 79 months, and average rates had begun trending upward. The reversal of the average rate trend follows nearly three straight years of declines. Additionally, record levels of new supply are anticipated to continue through 2019. This report examines the effects of past recessions on hotel performance in Manhattan, as well as the dynamics of hotel supply and demand and forecasts for the health of the local lodging industry in the near term.
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San Francisco continues to rank among the top domestic lodging markets, attributed to the strength of the tech industry, strong year-round tourism, and limited supply growth. With the Moscone Convention Center also recently debuting a $550-million renovation and expansion, the San Francisco hotel market is expected to achieve record RevPAR levels in 2019. We have outlined several key trends that are anticipated to influence San Francisco’s lodging market in the near term.
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While several high-profile projects have been completed in Atlanta over the past several years, including the completion of Mercedes-Benz Stadium and SunTrust Park, the conversion of Turner Field into the new Georgia State football Stadium, and the opening of NCR’s new global headquarters in Midtown, the construction boom in Atlanta is showing no signs of slowing down. Several high-profile projects are currently underway in Atlanta, with the some of the biggest projects in the city’s history expected to break ground in the coming months.
GET THE INSIGHT.
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HVS, as sole and exclusive advisory firm to Ownership, is pleased to present the opportunity to acquire the 72-room La Quinta Inn & Suites Houston Northwest Beltway 8/West Road, a limited-service hotel located in the rebounding Houston Northwest submarket. Built in 2013, the Property is in excellent physical condition; thus, a minimal change-of-ownership PIP is expected. There are approximately 15 years remaining on the franchise license term. The Property is being offered free-and-clear of any management encumbrances, providing an investor with the flexibility to restructure the Hotel’s operations, yield-management strategies, and cost-containment initiatives to maximize top-line revenues and bottom-line cash flows.
FIND OUT MORE ABOUT THIS AND OTHER OPPORTUNITIES.
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