HVS In Focus: Washington, DC
By Chelsey Leffet and Jerod S. Byrd
By Jerod S. Byrd, Senior Vice President, Partner and Director of Operations of the HVS Philadelphia Consulting and Valuation division
As economic recovery resumes and tourism strengthens, Washington, D.C. remains a top draw for leisure, convention, and government demand, with area hotels achieving some of the highest RevPAR levels in the nation. Activity related to Washington, D.C.'s political machinery continues to benefit the area's economy despite the government shutdown and sequestration. Unemployment in the MSA remains well below that of the nation. Visitation levels to D.C. are strong, and visitor spending shot up during 2013, signs that support an overall positive outlook for local business.