Marriott Brands Leads Upscale Hotel Sales with 15 First Quarter Transactions
May 13, 2016 1:11pm
May 13, 2016 – PORTSMOUTH, NH - Lodging Econometrics reports that in the first quarter of 2016 there were 15 Marriott-branded Upscale hotel sales in the United States that had selling prices reported into the public domain. The Average Selling Price Per Room (ASPR) for these Marriott-branded hotels was $178,131, while the ASPR for the remaining 17 transactions in the Upscale sector was $123,465.
The 15 Marriott-branded Upscale transactions consisted of: five Courtyards with an ASPR of $204,054; five SpringHill Suites with an ASPR of $192,891; and five Residence Inns with an ASPR of $133,029. The highest ASPR for a single transaction was $316,667 for the SpringHill Suites in downtown Seattle.
United States Construction Pipeline Trend Report
According to the latest United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the total U.S. Hotel Construction Pipeline ended Q1 2016 with 4,471 Projects/551,965 Rooms, up 15% by projects and 13% by rooms Year-Over-Year (YOY). This is the 14th consecutive quarter of pipeline growth.
There are 1,356 Projects/174,996 Rooms currently Under Construction, up by 239 projects or 21%. Projects scheduled to Start in the Next 12 Months, at 2,047 Projects/234,638 Rooms, are up 448 projects, or 28%. Projects in Early Planning with 1,068 Projects/142,331 Rooms are down by 101 projects, a decrease of 9%. It is the second consecutive quarter where the project and room count in Early Planning has dropped.
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Lodging Econometrics (LE) is the lodging industry’s leading consulting partner for global real estate intelligence. Combining unparalleled industry experience, a real-time pulse on market trends and extensive knowledge of key decision-makers, LE delivers actionable insights that turn their clients’ business goals into timely opportunities.
Contact: Peter Martin
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