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Extended-Stay Hotels: One of the Fastest Growing Segments in the U.S.
Ryan Mark | May 22, 2023
By Ryan Mark While several new brands have emerged within the limited- and select-service segments over the past decade, the expansion of extended-stay brands was limited prior to 2021, and many of the hotels within this segment in the U.S. were dated. However, during the last two years, economy and midscale extended-stay brands have experienced a significant expansion. One of the most prominent developments is Choice Hotels International, Inc.’s mid-year 2022 agreement with ServiceStar Capital Management to develop at least 21 new Everhome Suites hotels throughout Colorado, Arizona, Utah, Nevada, and Florida. This deal represent...
Salt Lake City Development Spurs Additional Investor Interest in This Emerging Hotel Market
Lauren Reynolds | January 5, 2023
By Lauren Reynolds, Ryan Mark Salt Lake City benefits from one of the busiest airports in the western U.S. and a strategic location near several landmarks and tourist attractions, including the Mighty 5. Transient demand to the city surged in 2021 as Utah became a popular drive-to leisure destination, but commercial travel continues to lag behind 2019 levels, similar to the rest of the nation. Commercial demand is expected to return fully by year-end 2023 or the beginning of 2024. Nonetheless, the city has enjoyed increases in demand as the local economy has recovered from the effects of the COVID-19 pandemic in 2020. Most notably, the ma...
HVS Market Pulse – Salt Lake City, Utah
Katy Black | September 15, 2021
By Katy Black, Ryan Mark Before the Pandemic Occupancy within the Downtown submarket remained stable, consistently registering near the 70% mark, for the five years prior to the pandemic. Average daily rate (ADR) growth during that period was also consistent at a compound annual growth rate (CAGR) of 3.0%. These metrics illustrate the strength and stability of the local market, even in 2018 when the city lost its largest convention, Outdoor Retailer, as it moved to Denver, Colorado. The number of events held at the Salt Palace Convention Center rebounded in 2019. Convention attendance surpassed one million delegates in the two ye...
COVID-19’s Impact on Values
Rod Clough | November 11, 2020
By Rodney G. Clough, Ryan Mark, Chris Cabrera The hotel sector is most certainly managing its way through the trough of the current downcycle, and a tough winter lies ahead for the U.S. lodging industry, although brighter skies should emerge next year. We took this opportunity to review our valuation findings and compare these to valuations of the same hotels we completed in the years and months leading up to the spring 2020 decline. We have appraised over 1,000 hotels since the start of the pandemic (most from mid-summer to today). Of these, 140 were also appraised by our firm in the 2017–2019 peak-value timeframe. The percentage change...
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: Salt Lake City, Utah
Katy Black | January 13, 2017
By Katy Black , Ryan Mark Salt Lake City, Utah's capital and most populous city, dates its founding back to 1847. Since then, the city has realized a course of evolutions, some of which are currently underway. These include infrastructural developments such as pivotal transcontinental highways (earning Salt Lake City its designation as the Crossroads of the American West), ascension to the international stage through events such as the 2002 Winter Olympics, and hundreds of millions of dollars in business and commercial expansions, including the current planning for the city's northwest quadrant. The following HVS Market Pulse article lo...
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