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Luxury Hotels: Elevated Occupancy and Expenses
the Authors | December 16, 2019
By Mark Woodworth and Robert Mandelbaum Despite the relatively high cost of construction and complexity of operations, developers are still attracted to owning and managing luxury hotels. As of August 2019, STR reports that just 0.7 percent of the hotels (2.3% of rooms) in the United States are chain-affiliated luxury hotels. Concurrently, the STR pipeline report shows that 1.2 percent of the properties (2.9% of rooms) either under construction or planned for development meet this criterion. The reasons for this attraction vary: Luxury hotels do achieve premium occupancy and ADR levels, that result in greater than average levels of...
CBRE Issues U.S. Lodging and 2020-2021 Historic Hotels Forecast at Historic Hotels of America Annual Conference
Historic Hotels of America® | December 4, 2019
Historic Hotels forecast 1.2% advance in market RevPAR is better than the national projection of 0.8% increase for Upper-Upscale and Luxury Hotels. WASHINGTON, DC – December 4, 2019 The outlook for the U.S. lodging industry continues to be less strong than prior years, according to CBRE Hotels Research (CBRE), but Historic Hotels RevPAR will be impacted less and be relatively stronger than other segments of the industry over the next two years. For the sixth consecutive year, CBRE Hotels Research presented a Historic Hotels of America – CBRE two-year forecast at the Historic Hotels of America annual conference. CBRE relies on histor...
U.S. Lodging Industry Is Healthy, But Growth Is Slow Through 2021
CBRE Group, Inc. | November 20, 2019
Atlanta – November 20, 2019 – CBRE Hotels Research forecasts that revenue growth will continue to diminish, but the U.S. lodging industry will remain strong through the next two years. As outlined in the December 2019 edition of Hotel Horizons®, U.S. occupancy levels will dip slightly, but remain above 65.5 percent through 2021, 300 basis points greater than the STR long-run average. Concurrently, rooms revenue per available room (RevPAR) is forecast to increase at less than 1 percent per year during the same timeframe. “Throughout the recovery from the Great Recession, we have seen the U.S. lodging industry deviate from economi...
What Happens When Government Per Diems Change?
the Authors | November 19, 2019
By Bram Gallagher Ph.D. and Aman Patel Because federal government employees purchase a significant quantity of hotel rooms, the General Services Administration (GSA) has partnered with Federal Travel Regulation (FTR) compliant accommodations to provide federal travelers with per diem hotel room rates for select high-volume travel destinations in and outside of the Continental United States. These federal guidelines frequently serve to determine the hotel per diem allowances for state and local government travelers as well. Using the federal government per diem as guidance, individual properties and hotel chains set special room rates to...
Value-Add Quality Inn & Suites in Tennessee Will Be Available in Online Auction Via RealINSIGHT Marketplace This December
RealINSIGHT Marketplace | November 12, 2019
This December, Quality Inn & Suites, a full-service hotel located in Centerville, Tennessee, will be auctioned through the online commercial real estate platform, RealINSIGHT Marketplace. The Quality Inn & Suites is a fee-simple interest opportunity offered unencumbered by management and holds a prime location in the County Seat of Hickman County, the Western Gateway to Metro Nashville. About the Property: 39 Rooms Full Service Two Floors Built in 1977 Unencumbered of Management The Quality Inn & Suites also offers a restaurant with complimentary breakfast, a business center, seasonal outdoor ...
How Changes in Hotel Revenues Suggest Changes in Guest Preferences
Robert Mandelbaum | October 22, 2019
By Robert Mandelbaum From the high-tech preferences of Generation Z, to the experiential fondness of Millennials, to the health and wellness realities facing Baby Boomers, hotels continually adjust the amenities and services they offer to satisfy their guests. These adjustments are based on extensive consumer research, much of which has been published in the lodging industry trade publications. From the owner’s and operator’s perspective, the changes in guest preference manifest themselves on the hotel operating statement. Over the years, income from the variety of revenue-generating departments operated at hotels rise and fall as g...
Managing RevPAR for Profits
CBRE | September 18, 2019
By Robert Mandelbaum and Bram Gallagher Ph.D. Per the name, the historical role of revenue managers has been to maximize revenue - specifically rooms revenue or RevPAR. RevPAR growth is achieved by increasing occupancy and/or average daily rates (ADR). Basic economic theory says that prices influence changes in demand (rooms occupied). Depending on the date and market conditions, an increase in ADR typically tends to mute, or reduce, changes in demand. Conversely, a lowering of ADR will most likely stimulate demand and increase occupancy. Historically, revenue managers have adjusted ADR to find the best mix of occupancy and ADR that...
U.S. Hotel Performance Decelerates Through 2020, But 2021 Improves
CBRE | August 28, 2019
Atlanta – August 28, 2019 – Shifts in the depth and timing of an expected slowdown in the nation’s economy have impacted CBRE Hotels Research’s outlook for the U.S. lodging industry over the next few years. According to the September 2019 edition of Hotel Horizons®, CBRE’s forecasts for RevPAR changes in 2019 and 2020 have been adjusted slightly downward, but the outlook for 2021 has improved. “Changes in various components of the U.S. economy and their relationship to U.S. hotel demand fluctuations are well understood. This is what drives the econometric model that informs our forecasts for U.S. lodging market performance...
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