HVS Releases 2013-2014 Hotel Development Cost Survey
January 20, 2014 8:32am
2013 Development Costs Rise; Market-by-Market Development Uneven
HVS has released the HVS Hotel Development Cost Survey for 2013-2014, which incorporates a range of data sources including development budgets, material and labor costs indexes, and input from industry professionals, to track hotel construction costs in the United States. According to HVS San Francisco Senior Vice President Elaine Sahlins, author of the Survey, research shows that by the end of 2013, the hotel investment market as a whole had largely recovered from previous recessionary years, but the trend in market-by-market hotel development has been uneven.
"The hotel fundamentals of stronger markets (primarily in coastal and urban locations) have improved to the point where the value of existing properties may be at or near the replacement cost, supporting an increase in new hotel construction," Sahlins mentions. "Two trends continue to gain momentum: a proliferation of proposed select-service hotels and the increase in public/private partnerships to develop major hotels in a number of central business districts. Concurrent with the increase in hotel construction is a baseline reduction in hotel rooms across the US. As the inventory of obsolete hotel rooms contracts, a significant portion of new supply is replacing closed rooms."
Since 1976, HVS has tracked hotel construction costs throughout the United States. The survey considers data for six lodging types: Economy/Budget Hotels, Midscale Hotels w/o F&B (without Food and Beverage), Extended-Stay Hotels, Midscale Hotels w/ F&B (with Food and Beverage), Full-Service Hotels, and Luxury Hotels and Independent Resorts.
Elaine Sahlins is a Senior Vice President with HVS San Francisco, She joined the firm in 1997, and authors the annual Hotel Development Cost Survey (since 1998). She specializes in resort feasibility studies, appraisal of complex leases, partial interest appraisals, management company valuations, and hotel market analysis. Elaine is a state-certified general appraiser in California, and a current candidate for MAI designation from the Appraisal Institute (expected 2014).
Prior to joining HVS, she analyzed hotel investments for VMS Realty in Chicago, and was a review appraiser with Bank of America in San Francisco. Elaine holds an undergraduate degree from Barnard College, Columbia University in New York City and a MPS degree in Hotel Administration from Cornell University.
For a complimentary copy of HVS Releases 2013-2014 Hotel Development Cost Survey: 2013 Development Costs Rise; Market-by-Market Development Uneven please click here.
hotel development cost
Elaine Sahlins is Senior Vice President at the HVS San Francisco office and co-director of the HVS Gaming Services division. She has an A.B. from Barnard College, Columbia University, and an M.P.S. degree from Cornell University's School of Hotel Administration. Her professional experience includes hotel and gaming appraisal review and management at Bank of America and hotel and resort acquisitions analysis with VMS Partners.
Contact: Elaine Sahlins
+1 (415) 268-0347
European Hotel Transactions up 58% Year-on-Year, Says HVS
2015 Manhattan Lodging Overview 2Q
Four Key Takeaways | 2015 Hotel Data Conference
Conference Market Proves Bright Spot in UK Hotel Slowdown
Domestic Tourism Boosts Israel’s Hotel Sector While International Chains Look to Develop, says HVS
Investing in Leisure: Exploring the Untapped Potential
Marrakesh Suffers Short-Term Impact on Tourism but Long-Term Future Bright, Says HVS
In Focus: Sonoma County California Hotel Market
Hotels By Day: A New Opportunity for Travelers and Hotels
2015 Hotel Investment and Finance Opportunities: Hotel Values and Brand Proliferation
Understanding Online Distribution Channels by Juan Duran of HVS
Five Key Takeaways from the 2015 NYU International Hospitality Industry Investment Conference
Low Oil Prices and Oil-Dependent Canadian Lodging Markets
HVS Releases 2015 U.S. Hotel Valuation Index
HVS Perspectives on the All-Inclusive Product
Four Key Takeaways | Meet the Money 2015
Fixed Expenses Aren't Really Fixed!
U.S. Hotel Supply Growth Still in Check with Demand
3 Hot Topics Presented at the HOLA Investment Conference 2015
Three Key Takeaways: 2015 HELP - Hotel Equity & Lender Perspectives Conference
What Does the California Drought Mean for the Hospitality Community?
Lifestyle Hotels: The Emergence of a New Creative Class
US Cities Achieve World Class Status as Foreign Investment Booms
HVS Report Reveals Franchising is the Preferred Method of Expansion
Five Key Takeaways from Hunter Conference 2015
Six Proven Strategies for Investing in Your Hotel's Back of the House
Metamediaries Forcing Hotels to Adapt
Hotel Values Rise Across Europe with Madrid Seeing Biggest Hike, Says HVS Hotel Valuation Index
Renewed Investor Interest Prompts 86% Rise in Europe’s Hotel Deals
Sales Tax Audit!
Please login or register to post a comment.