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Market Reports

CBRE Arranges Sale of the Hyatt Place Emeryville/San Francisco Bay Area

CBRE | April 17, 2019

CBRE has announced the sale of the Hyatt Place Emeryville/San Francisco Bay Area, a 175-unit hotel located in Emeryville. Henry Bose and Mark McDermott of CBRE Hotels in San Francisco represented the seller in the transaction. Opened in 2016, the six-story hotel contains 175 units and enjoys a premier location in the vibrant Bay Street lifestyle center, surrounded by major corporate employers, such as Pixar, Novartis, Peet's Coffee corporate office and the Joint Bio Energy Institute. Hyatt Place offers visitors access to a fitness center, a patio with fire pits, a business center and a total of 150 parking spaces, along with sweeping vi...

Waterparks: Growth Trends in 2019

David J. Sangree | April 15, 2019

Diving Into Waterpark Growth Trends in 2019: 2019 will bring growth to the U.S. & Canadian markets as waterparks continue to evolve their attraction mix. By David J. Sangree, MAI, CPA, ISHC For the ever-growing waterpark industry, 2019 will be another year for robust growth as over $1 billion in investment is slated for indoor and outdoor waterparks and their related resorts. We project 21 municipal and private outdoor waterparks will open and three resorts will add or expand outdoor waterparks. The indoor segment will total 629,200 square feet of new waterpark space in 12 properties. Three of this year's most anticipated and exp...

Hotel Valuation Index Middle East 2019

Hala Matar Choufany | April 11, 2019

HVS shares the first issue of the Middle East Hotel Valuation Index (HVI) which provides insight on regional values and investment opportunities. By Hala Matar Choufany The Hotel Valuation Index is a hotel valuation benchmark developed by HVS. It monitors annual percentage changes in the values of typical four-star and five-star hotels. The HVI combines the various factors affecting the economy and region at large with hotel-market specific demand and supply dynamics to derive indicative values and future growth trends. For this first edition of the HVI Middle East, we have analyzed 14 key hotel markets in the Middle East with a total ...

Understanding the Resistance to Change Within the Hospitality Industry

Sheetal Singh | April 4, 2019

By Sheetal Singh, Court Williams Frustrating, painful, draining, scary, exciting, unsettling, and exhausting are some of the words people, who are on the receiving side of change, use to describe their experience. It is a highly personal and emotional experience for most of us. Now imagine needing to serve guests cheerfully in a hospitality setting while you are experiencing these negative emotions. As a result, the toll change takes on hospitality professionals is greater than for most other industries. It is, therefore, critical that we understand the resistance to change as well as, have a plan to convert the "resistance" t...

What the Hotel World Looks Like in 2020

Robert A. Rauch | April 3, 2019

Bob Rauch and Sarah Andersen Hotel Distribution is arguably the big topic of the near term. Expedia Group and Booking Holdings (previously Priceline) are the two big online travel agencies (OTAs), dominating well over 70% of OTA market share. Now this duopoly faces major disruption by Airbnb, Facebook, and Google. Airbnb just bought HotelTonight, an app-based company that sells last-minute, unused boutique and independent hotel inventory. Meanwhile, SiteMinder's "BookingButton" already integrate into Facebook business pages as a widget, eliminating the need to click away from the site to make a booking. Add in the possibility that Googl...

HVS Market Pulse: Chicago Ascending

Dana W. Floberg | March 28, 2019

Dana W. Floberg, Stacey E. Nadolny Chicago continues to attract major corporations and hotel development, supported by its proximity to global transportation infrastructure and a well-educated workforce. In 2018, 57.6 million visitors came to Chicago, setting a record for city tourism. In addition to the plethora of tourist attractions in Downtown Chicago, McCormick Place continues to be a major demand generator for the ever-growing supply of hotels in the market. In the last two years, the 1,200-room Marriott Marquis, the 466-room tri-brand Hilton hotel, and the 10,000-seat Wintrust Arena all opened within one block of the convention c...

HVS Market Pulse: Boulder, CO

Brett E. Russell | March 26, 2019

By Brett E. Russell Since 2015, four new hotels (681 rooms) have opened within Boulder's city limits, increasing the total number of hotel rooms to almost 2,500. This represents a sizable increase of around 32%; however, in the years leading up to this increase in supply, Boulder experienced a decline in room supply, as several older hotels were closed and redeveloped. As such, the net change in room count is closer to 15%. Furthermore, there are a couple of proposed hotels in very preliminary planning phases of development, including a project on University Hill, as well as a possible University of Colorado – Boulder campus hotel...

Hotel Spas: Not Just for Resorts Anymore

the Authors | March 25, 2019

By Mark VanStekelenburg and Jenna Finkelstein According to the December 2018 edition of CBRE's Hotel Horizons®, the annual growth in RevPAR for U.S. hotels is forecast to decelerate from 2.8 percent in 2018 to 0.1 percent in 2021. As the main source of hotel revenue is plateauing, hoteliers are looking up and down their operating statements to find alternative sources of income. For hotels that operate a spa, this department has stood out as a bright spot not only for growth in revenue, but gains in profits as well. The slowdown in revenue growth will be particularly acute in the nation's major markets. Since 2010, the majority of n...

HVS Market Pulse: Los Angeles, CA

Luigi Major | March 21, 2019

By Luigi Major Los Angeles now ranks as one of the most economically powerful cities in the world, supported by a robust office market, a growing tech sector, and of course, a near-perfect, year-around climate that continues to drive high levels of visitation. This has resulted in healthy hotel occupancies and average daily rates (ADR) despite a 3.1% increase in supply in 2018. In 2018, L.A. added approximately 56,800 jobs, representing a 0.9% increase over the prior year. The city's economic drivers continue to be the entertainment industry, the Port of Los Angeles/Long Beach, leisure and hospitality, retail, manufacturing, and educati...

ProfitSword Releases Report Analyzing the Latest Trends in Data Forecasting and Budgeting Technology

ProfitSword, LLC | March 21, 2019

Newly published document demonstrates how advances in innovation are allowing hoteliers to overcome the complexities of data management, while allowing for streamlined operations and real-time access to information Orlando, Fla. – March 21, 2019 –ProfitSword, hospitality's premier developer of business intelligence and data integration software, announces the release of a comprehensive report detailing the latest advances in data forecasting and budgeting tools and practices for the hospitality industry. Utilizing insight from the industry's leading experts, the report showcases how today's data management environment has e...

Technology in the Hospitality Industry – Have We Gone Too Far?

Court Williams | March 20, 2019

The hospitality industry is changing, and is rapidly becoming super high-tech. While we can argue that this benefits guests—and it certainly benefits vendors—how much is it taking away from the guest's personal experience? Theoretically, it should improve the customer experience, particularly through the use of data collected by using the various technologies. Let's look at how guests actually feel, especially the Baby Boomers who look set to remain the most prolific travelers for the next two to three years, and see if the numbers support the theory that technology has improved the hospitality experience. Since the early da...

China’s Hotel Construction Pipeline Hits New All-Time High Despite Growing Concerns About the Economic Slowdown

Lodging Econometrics (LE) | March 20, 2019

Analysts at Lodging Econometrics (LE) report that China's total construction pipeline is booming and stands at 2,761 projects/580,635 rooms, up 12% by projects and 6% by rooms year-over-year (YOY). At the end of 2018, both projects and rooms in the construction pipeline are at new all-time highs surpassing the previous cyclical high of 2,658 projects set in the fourth quarter of 2014. China has the second largest pipeline in the world. Projects presently under construction are at 2,044 projects/411,032 rooms, up 17% and 10% YOY, respectively, reflective of the rush to get under construction as the economy continues to soften. Projects s...

Canadian Hotel Development Cost Survey 2018

Carrie Russell | March 19, 2019

By Carrie Russell, Tom Beckett, Lily Li Introduction In 2018, the Canadian lodging market reached a new record high for RevPAR. Although regional performance differed widely, more developments are in the pipeline in 2018 that any year since 2013. After the global financial crisis hit the Canadian lodging market in 2009, causing a 12.3% contraction in RevPAR, the industry in general has been on an upward trajectory. In fact, RevPAR growth for the country has been registered for 106 consecutive months—the longest period of sustained growth on record. Strong metrics in many hotel markets, availability of competitive debt financing, a...

CBRE Research Forecasts Healthy RevPar Growth for U.S. Hotels in 2019 and 2020

CBRE Hotels | March 13, 2019

Greater Los Angeles area hotels are likely to experience another year of occupancy and room rate increases , driven by strong employment growth and travel demand Los Angeles – Mar. 13, 2019 – Continued favorable economic fundamentals are expected to lead to U.S. hotel rooms revenue per available room (RevPAR) growth of 2.5 percent in 2019 and 2.0 percent in 2020, according to the latest forecast from CBRE Hotels Americas Research. "Supply, demand and pricing in the U.S. lodging industry are very similar to what we have observed the past few years," said R. Mark Woodworth, senior managing director of CBRE Hotels Americas Rese...

HVS Market Pulse: Rochester, MN – Medicine at the Forefront of Development

Justin Westad | March 7, 2019

by Justin Westad The healthcare sector is the cornerstone of the Rochester market, represented largely by entities such as the Mayo Clinic, Saint Mary's Hospital, and Rochester Methodist Hospital, which is visited by over 1.3 million patients per year. After years of expansion and growth, the Downtown Rochester market is expected to receive an even bigger boost with approximately $5.6 billion of public and private investment injected over the next 20 years through the Destination Medical Center Initiative (DMC). The goal of the initiative is to transform the city into a world-renowned destination medical center. Projects will be aim...

Hotel Internet Services Releases In-depth Analysis on Hotel Guest Wi-Fi and IoT Expectations in 2019 and Beyond

Hotel Internet Services, Inc. | March 6, 2019

New white paper leverages feedback from more than 670 guests and 200 hoteliers to demonstrate what is expected from today's Wi-Fi and internet-based services Clearwater, Fla. — March 6, 2018 — Hotel Internet Services (HIS), a full-service provider of internet services and solutions, has announced the release of a comprehensive new white paper examining how advances in consumer technology have impacted and heightened guest expectations of hotel Wi-Fi and related services. Utilizing feedback from a recent survey conducted with more than 670 guests and 200 hoteliers across the United States, the white paper demonstrates how the...

Flexing Hotel Labor Today

Robert Rauch | March 6, 2019

Bob Rauch and Sarah Anderson It's easy to say, "flex down your labor costs" when revenues drop, but is it easy to do? In a market of uncertainty and seasonal fluctuations, managing hotel property expenses is a challenging job that remains on the forefront of the minds of strategic operators. Hotels that implement a staffing strategy that adapts to these changes will keep operations running smoothly throughout the year and even throughout an economic slowdown. This can be a remarkable way to improve profits when revenues are flat or even down. With a focused attention on payroll, creative training programs, automation, and F&B stream...

Global Construction Pipeline Hits Record High at 2018 Year-End

Lodging Econometrics (LE) | March 6, 2019

Lodging Econometrics (LE) has released its year-end Global Construction Pipeline Trend Report, which compiles the construction pipeline counts for every country and market around the world. At the close of 2018, LE analysts state that the total global construction pipeline hit record highs with 13,573 projects/2,265,792 rooms, a 7% increase in projects and a 6% increase in rooms year-over-year (YOY). The global pipeline has been ascending for eight consecutive years after reaching its cyclical low in 2010. All regional pipelines, with the exception of South America, continued their upward trend YOY. It is notable considering economic gr...

Hotel CEO Turnover 2018: A Study of the Top 50 Largest Hotel Management Companies

Chris Mumford | March 4, 2019

By Chris Mumford, Thomas Mielke, and Dominic Maurer Turnover of Chief Executives at the world's 50 largest hotel groups (as per HOTELS 325 2018 Listing) remained flat for 2018, with new faces appearing at the head of four companies, the same number as for the prior year. Changes in CEO positions were seen at G6 Hospitality, Extended Stay, Millennium & Copthorne and B&B Hotels. Of these, three were planned moves. Jennifer Fox's three-month stint at Millennium & Copthorne, though, can only be assumed to have been anything but planned. A sector turnover rate of 8% is well under the average for the general industry and speaks to...

Adventure Tourism: Catering to the Thrill-Seeker Traveler

EHL's Hospitality Insights | March 1, 2019

March 1, 2019 - Through the ages, mankind has been pushing the limits of exploration: we have conquered lands, we have discovered the wonders of our planet and, pushed by our relentless thirst for knowledge, we have greatly expanded our awareness of the world we live in. Today's travelers are no different: driven by an increasing need to find meaning and purpose in their busy lives, they leave their comfort zone to venture into some of the most remote – and sometimes hostile - places in the world or venture into epic journeys. Dubbed "adventure tourism", this trend accounts for one of the fastest growing categories in the travel i...

European Pipeline Soars Despite Economic Slowdown Throughout the Region

Lodging Econometrics (LE) | March 1, 2019

In the 2018 year-end report by Lodging Econometrics (LE), Europe's total construction pipeline skyrocketed to 1,569 projects/243,947 rooms, a whopping 19% increase year-over-year (YOY), and the highest project and room counts ever recorded. The record counts come despite concerns of slower growth throughout the region, shrinking demand for the region's exports, Brexit uncertainties, and political tensions in many countries. There are 784 projects/124,674 rooms currently under construction, 434 projects/68,128 rooms planning to start construction in the next 12 months, and 351 projects/51,145 rooms in the early planning stage. The total ...

HVS Market Pulse: Gaylord Rockies – Impact on Denver Lodging Submarkets

Ryan mark | March 1, 2019

By Ryan Mark, Katy Black March 1, 2019 -- With the recent opening of the massive Gaylord Rockies, many are wondering what the ultimate impact of the 1,501-room resort will have on the Denver, Front Range, and greater Colorado lodging market. We believe the impact will be largely positive. Competition for the 200- to 800-room block group, which previously and primarily only looked to The Broadmoor (Colorado Springs) or Downtown Denver to book, now have an alternative, which should intensify price competition in the near term. Despite this pricing dynamic, Colorado is a hugely popular destination for groups, and the opening of a new, upsc...

HVS Market Pulse: Minneapolis - After the Super Bowl

Tanya J. Pierson | February 28, 2019

By Tanya J. Pierson and Justin Westad Surrounded by the beauty of lakes and the Mississippi River, Minneapolis is home to many Fortune 500 companies and more than 11,000 hotel rooms. High quality of life, diversity of employers, and leisure attractions continue to entice demand and an ensuing level of hotel development to the area. While the Super Bowl confetti has settled and the cold weather has returned, Minneapolis remains a strong city, with a broad base of corporate, group, and leisure visitors. Unemployment remains in a downward spiral at 2%, compared to the national average of 3.5% as of November 2018, and the economy continues ...

European Hotel Transaction Levels Down in 2018 Although Investor Interest Remains Strong, Says Hvs Report

HVS | February 28, 2019

28 February 2019, London: European hotel transaction volumes reached €18.6 billion in 2018, a decrease of 14% on the previous year, but still the fifth highest level recorded, according to the annual European Hotel Transactions report published this week by HVS and its brokerage and investment services division HVS Hodges Ward Elliott. A total of 655 properties, averaging 156 rooms, changed hands in 2018 with the average price per key growing by 8% in 2018, reflecting the quality of the hotels that were sold, as well as a growth in values. "The European hotel investment market continues to show rising popularity as an alternative a...

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