HVS Market Pulse: Rochester, MN – Medicine at the Forefront of Development
March 7, 2019 4:53am
by Justin Westad
The entrance of nationally branded new supply and major hotel renovations should put upward pressure on average rates in the market going forward. Thus, yield-management will become a greater issue, as hoteliers will need to determine how to position new and existing assets appropriately. While medical-related and group demand are expected to continue to grow, the outlook is best described as cautiously optimistic given the additions to supply anticipated in the next few years. Continued growth attributed to the DMC initiative is expected to further anchor Downtown Rochester as a world leader for medical advancement and opportunity.
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Justin Westad, a Senior Project Manager with HVS Minneapolis, has worked in hotels and hospitality real estate since 2010, having specialized in disposition and advisory services for hotels across 13 states. Prior to joining HVS in 2015, Justin worked for Marcus & Millichap’s National Hospitality Group as an Analyst, providing comprehensive market research, underwriting, and financial analyses for hotel real estate across the Midwest. Justin graduated magna cum laude from the School of Hospitality at DePaul University with a BS in Lodging and Revenue Management. He holds a Certification in Hotel Industry Analytics (CHIA).
Contact: Justin Westad
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