hotel valuation services
Looking Ahead to the 2026 NFL Draft in Pittsburgh and Its Impact on the Hotel Market
Christian Cross | July 23, 2024
Earlier this year, the Steel City was announced as the host for the 2026 NFL Draft. The scale and draw of this event make it highly sought after by cities, with many local and state governments actively competing for the opportunity to serve as the host city. Following nearly half a century of being held in New York City (1965–2014), the NFL Draft began to be rotated to other cities in 2015. The number of visitors attracted to the host cites and the economic impact of this event have been significant, peaking in the pre-pandemic period when Nashville was host, boasting an attendance of 600,000 people and a total economic impact of $224 ...
Jacksonville, FL Supports a Robust Hotel Development Pipeline Despite Economic Uncertainty
Hannah McManus | July 18, 2024
By Hannah McManus While many U.S. markets have experienced a slowdown in hotel development amid rising construction costs, increasing financing costs, and general uncertainty, the greater Jacksonville market area has continued to support a robust hotel development pipeline. Factors contributing to this growth include ongoing infrastructure projects in the market, such as the JAXPORT dredging project and Interstate 295 expansion; the ongoing work of the Jacksonville Downtown Investment Authority (DIA) to broaden the city’s appeal as an international business destination; and the availability of land suitable for development. Thus, ...
The Serviced Apartment Sector in Europe 2024
Clemence Sennavoine | July 17, 2024
By Clemence Sennavoine, Alexandra Dumoulin A new and dynamic era has begun for the serviced apartment industry. Our latest Serviced Apartment survey reveals a landscape marked by robust performance, adept cost management, and a positive outlook. Profitability has not only bounced back to pre-pandemic levels but is also being driven by a surge in leisure demand and a booming interest in serviced apartments. This renewed enthusiasm is drawing significant investor attention, prompting both established brands and new players to expand and innovate, setting the stage for exciting growth and transformation in the industry. Operators' Sentiment ...
Revamping Fort Lauderdale: Convention Center Expansion and Omni Hotel Development
Emeldina Paratusic | July 9, 2024
Fort Lauderdale, a staple South Florida beach destination, is shifting its focus beyond leisure tourism with a $1.3-billion investment in the Broward County Convention Center and adjoining Omni Hotel. Following this project, Fort Lauderdale will position itself as both a vacation destination and a commercial city. Fort Lauderdale, known for its beaches and canals, has grown beyond a leisure destination in recent years. As the focus of this shift, the Broward County Convention Center is undergoing a $1.3-billion renovation and expansion. The highly anticipated project is underway and slated for completion in 2025. The first phase of th...
Sports and Conventions Support Hotel Industry in Cincinnati, OH
Brian Arevalo | July 2, 2024
Cincinnati is a significant hub of culture, commerce, and tourism in the Midwest. This dynamic metropolis boasts a rich tapestry of demand generators that fuel its hotel industry. From its renowned arts and music scene, highlighted by the Cincinnati Symphony Orchestra and a multitude of festivals, to its bustling business districts and expansive convention centers, the city attracts a diverse array of visitors year-round. Additionally, Cincinnati's historical landmarks, major sporting events, and burgeoning culinary landscape help draw a steady influx of leisure and business travelers alike. Convention Center Expansion The second largest ...
Takeaways From the 2024 Boutique Hotel Investment Conference by BLLA: Reviving the Spirit of Boutique Hotels
MARCUS R. LEE | June 14, 2024
By Marcus R. Lee, Patricia Shih, and Lizzette Casarin FIAF Florence Gould Hall Theater was bustling in early June with another successful Boutique Hotel Investment Conference. Kudos to the BLLA team for executing a great event! This article presents some key takeaways from HVS attendees Patricia Shih (HVS Consulting & Valuation) and Marcus Lee (HVS Asset Management & Advisory). In the ever-evolving landscape of hospitality, the term “boutique hotel” has transformed. Once synonymous with personalized service, unique design, and intimate experiences, “boutique hotels” as a phrase has recently blended with some nation...
Brand Dilemma: Navigating the Pros and Cons of Launching New Brands – An Unbiased Perspective
Hala Matar Choufany | June 14, 2024
Throwback to Future Hospitality Summit Saudi Arabia last month, where Hala Matar Choufany هلا مطر شوفاني contributed her insights on the “Brand Dilemma: Navigating the Pros and Cons of Launching New Brands – An Unbiased Perspective". Click here to watch the discussion unfold with Catherine Edwards, Chief Strategy Officer at QUO. ...
Unique Factors Shaping the Buffalo Lodging Market
Christian Cross | June 13, 2024
As a border town, Buffalo has historically been heavily reliant on Canadian visitors and U.S. travelers stopping over en route to/from Canada for lodging demand. Based on a recent hotel market study and many hotel appraisals in the greater Buffalo-Niagara area I have performed, it is clear that traffic volume at the land crossings has an impact on these border markets. Below is a brief timeline of the changing restrictions for border crossings from 2020 until 2023. Key Dates for Border-Crossing Restrictions As the one-year anniversary recently passed since all COVID-19 border restrictions were lifted, I wanted to take a look at the co...