john berean
U.S. Hotel Development Cost Survey 2021-22
John Berean | February 25, 2022
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type. HVS has tracked hotel construction budgets throughout the United States since 1976. Download PDF - U.S. Hotel Development Cost Survey 2021-22...
COVID-19’s Impact on the Silicon Valley Lodging Market
John Berean | February 23, 2022
By John Berean, Noella Moon One of the main economic engines of the San Francisco Bay Area, Silicon Valley experienced tremendous growth during the last business cycle. Major companies such as Google, Apple, and Meta (formerly Facebook) have expanded their presence in recent years, which has historically translated to strong lodging performance. However, with the onset of the pandemic and a market-wide shift in policy toward remote working in 2020, hotels have been severely affected, particularly in terms of average rate. Moreover, the influx of new supply over the last several years has been significant, which has substantially heig...
COVID-19’s Impact on the San Francisco Lodging Market
John Berean | March 30, 2021
By John Berean Prior to the onset of COVID, San Francisco was amid a tech-driven renaissance that placed the city and the nine-county San Francisco Bay Area as one of the top-growing metro areas over the last decade. Similar to during the internet-driven dot-com boom of the late 1990s, the city experienced tremendous economic growth, resulting in strong hotel performance. Market occupancy exceeded 80% between 2012 to 2019, while ADR increased at a compound annual growth rate of 7% for the nine years between 2010 and 2019. By many metrics, 2019 was a record year for San Francisco. According to the San Francisco Travel Association (SF Tr...
HVS Market Pulse: State of Hawaii
John Berean | May 21, 2019
By John Berean May 21, 2019 -- Hawaii experienced another stellar year of RevPAR performance in 2018, bolstered by improved airlift and a strong domestic economy, which resulted in another record year of visitor arrivals. Despite these impressive achievements, the year was not without its share of difficulties, including volcanic eruptions at Kīlauea, disruptions caused by Hurricane Lane and Hurricane Olivia, and an extended 51-day hotel worker strike. Nevertheless, the Hawaii Department of Business, Economic Development & Tourism (DBEDT) forecasts sustained year-over-year growth in visitor arrivals through 2022, which should suppo...
HVS Market Pulse: San Francisco, CA
John Berean | February 22, 2019
By John Berean San Francisco continues to rank among the top domestic lodging markets, attributed to the strength of the tech industry, strong year-round tourism, and limited supply growth. With the Moscone Convention Center also recently debuting a $550-million renovation and expansion, the San Francisco hotel market is expected to achieve record RevPAR levels in 2019. We have outlined several key trends that are anticipated to influence San Francisco's lodging market in the near term. San Francisco's Key Economic Indicators Source: HVS Construction on the renovation and expansion of San Francisco's Moscone Center began in Novembe...
HVS Market Pulse: Sacramento, CA
John Berean | October 22, 2018
By John Berean, Li Chen The Sacramento metropolitan area includes seven counties in California: Sacramento, Yolo, El Dorado, Placer, Sutter, Yuba, and Nevada. The area is home to a wide variety of higher-education institutions, including two major public universities, many private and community colleges, and vocational schools. Healthcare is also an important component of the economy, with organizations including Kaiser Permanente, Sutter Health, Vision Service Plan, Catholic Healthcare West, and the Sacramento VA Medical Center. In addition, the UC Davis Medical Center, a world-renowned research hospital, is in Sacramento. Sacramento i...
HVS Market Pulse: Silicon Valley
John Berean | September 14, 2017
By John Berean Home to numerous high-tech corporations and startup companies, Silicon Valley encompasses the southern portion of the San Francisco Bay Area. As defined by the 2017 Silicon Valley Index, this region covers the cities in San Mateo County and Santa Clara County. The index also incorporates portions of Alameda County, including the cities of Fremont, Newark, and Union City, as well as Scotts Valley in Santa Cruz County. For purposes of this article, the greater Silicon Valley area will follow the aforementioned definition, with the exception of Scotts Valley. This article will primarily focus on new hotel development, and ho...
HVS Market Pulse: Island of Oahu, Hawaii
John Berean | August 23, 2016
Tourism to Hawaii's most populous island is booming, with Asian-Pacific countries sourcing a major boost in visitation. Given a number of planned projects across Oahu, hotel developers and major brands are working to meet the demand. By John Berean Many things make Hawaii unique among American tourism destinations. The island chain's physical separation from the U.S. mainland heightens its diverse, exotic allure—a Hawaiian vacation is different in nature (no pun intended) than a trip to any other subtropical destination in the continental U.S. Hawaii is also closer to critical Asian markets, including China, which is producing an...
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