The terms "global city," "world city," "top-tier city," and "alpha city" have been used to describe a metropolitan center that acts as a key node in the global economic system. Global cities are well known to travelers worldwide, with notable urban designs and cultural attractions, major commercial centers, and diverse economic underpinnings generating interest, investment, visitation, and acclaim.
Just like the media business, when things are hopping, it's good for the hotel business. The travel industry thrives on change, action and excitement. If you follow the top level results of Google Analytics - it reads like a hotel marketing plan. The bigger the news the more viewers / readers - the bigger the events, conventions, deals, or attendance the more hotel guests.We need action and people on the move and 2017 promises to have "huge" events, changes, challenges, and opportunities.
Abstract - Capitalization rates for all commercial real estate are affected by changes in the general level of interest rates. Hotel capitalization rates should respond more quickly to interest rate changes than those of other property types because hotels do not experience the "lease friction" found in other commercial properties, with their lengthy leases. This analysis estimates the statistical connection between interest rate changes and cap rates. Holding other important factors constant, the model estimates that at current levels a 100-basis-point increase in the 10-year U.S. Treasury rate will produce a 28-basis-point uptick in hotel capitalization rates. Continuing improvement in the U.S. economy should eventually result in higher interest rates, but any improvement should also bring both compression of the hotel risk premium and stronger NOI growth, each of which place downward pressure on capitalization rates. With hotel capitalization rates currently in a range of 7.0 to 8.5 percent and an expected slow pace of interest-rate changes, the modelled outcome suggests that hotel property values will remain stable for the foreseeable future. Hotel investors should therefore have ample time to ponder disposition decisions without fear of losing gains while new investors will need to rely on the strong dividend flows currently being produced by hotels for a greater shares of total returns.
Historically, revenue management within the lodging industry has focused on renting guest rooms in a profitable fashion. Revenue managers, aided by sophisticated computer programs, helped hotels determine the proper balance between the volume of guest rooms rented, with the price charged to rent those rooms. These decisions are now made round the clock, with room prices on any given day changing by the hour.
Airbnb has continued to grow throughout the United States in 2016, and recently in cities that heretofore have yet to feel the impact. CBRE Hotels' Americas Research released a report in February 2016 entitled, The Sharing Economy Checks In: An Analysis of Airbnb in the United State. The report analyzed Airbnb performance data provided by Airdna [1]. In the report, it was found that more than 55 percent of the $2.4 billion in revenue generated by Airbnb nationwide from October 2014 to September 2015 was captured in only five U.S. cites (New York, Los Angeles, San Francisco, Miami, and Boston).
In 2013, I wrote an article titled "Miami's Leap to Global Gateway Status". The article examined the factors that combined during the previous decade to move Miami from one "comp set", that of secondary cities and resort markets, to a new comp set, that of Global "must include" gateway markets. In Miami's case, the two- way link with Latin America and the city's role as a transit point between Latin America, North America and Europe dominate the competitive advantage that favors movement of people, information and goods and services between continents through our city and South Florida in general.
Portland, Oregon, is known as the "Rose City." From the growth realized over the last several years in industries ranging from athletic gear to hotels, the city is in bloom. Despite strong demand and billions of dollars in business expansion, there is some threat of new supply during the next several years putting downward pressure on occupancy.
As the weeks move on, occupancy continues to be negative as it has for most of the year. Recent numbers show a decline of 1.5%, and revenue per available room continues well below the levels projected by all the pundits at the Americas Lodging Investment Summit and the NYU International Hospitality Industry Investment Conference.
In the 5th annual Lodging Tax Study, HVS explores lodging tax trends in the USA. This updated version provides lodging tax rates/collections in all 50 US states and 150 US cities, and estimates the impact of Airbnb on lodging tax collections.
Horwath HTL, a global leader in hospitality consulting, has released its Manhattan Special Market Report, and report that despite a decrease in Occupancy, ADR and RevPAR are expected to increase by the end of 2016. Additionally, pipeline projects have been outpacing the demand growth focusing in on the independent and upscale sectors, which already cover more than half of the market share. According to Paul Breslin, Managing Director of Horwath HTL Atlanta, Georgia, and author of the Manhattan Special Market Report, "By the end of 2016, the declining trend in Occupancy, ADR, and RevPAR for the past three years is expected to slow down. ADR is predicted to come back in 2017 with a growth rate of 1.7%, and RevPAR can be driven up compared to 2016. Due to the continued influx of supply into the city, the demand rate can still be expected to fall short of the supply rate." Among the other notable highlights featured in Breslin's report:
The concept of QOL has been discussed in different disciplines. In health science, QOL is commonly defined as the way in which physical, emotional and social well-being is affected by a disease or its treatment (Calvert & Freemantle, 2003). In psychology, researchers suggested that subjective well-being is a core component of QOL. Diener (2000) defined subjective well-being as people's evaluations of their lives in both affective and cognitive way. In economics and sociology, QOL is a social and economic barometer of regional and national development (Leigh & Blakely, 2013).
Hollywood's history dates back to its roots as an agricultural community in the late 1800s, though its worldwide claim to fame began circa 1910 with the establishment of some of the industry's most iconic film, and later television and music, production studios. Ever since, Hollywood has become an icon for entertainment, glitz, and glamour, with buildings such as the famous Chinese Theatre and events like the Oscars drawing visitors and viewers from across the globe.
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 increasing number of middle-class leisure travelers. Among the islands, Oahu, "The Gathering Place," stands out for its relatively urban setting, marrying the best of the city and the sea and offering visitors a chance to experience a range of attractions.
About an hour's drive from the capital city of Denver, Colorado Springs sits at the base of Pikes Peak, Colorado's most iconic "fourteener" (a mountain peak with an elevation of at least 14,000 feet but less than 15,000 feet) and the second most visited mountain in the world. The city's economic drivers, tourist attractions, and hotel demand generators range widely, from the renowned military installations to the five- star Broadmoor resort, from the Cheyenne Mountain Zoo to the U.S. Olympic Training Center. Colorado Springs' hotel industry underwent a long-wrought recovery from the last recession, with new supply, government sequestration, and a devastating forest fire causing setbacks.
Detroit's hotel industry is hitting a new stride, with developers and some of the industry's top brands moving into spaces that have housed historic fire stations, warehouses, and manufacturing firms. Many of the projects are full-service boutique or lifestyle hotels, for which the building façades of Downtown Detroit, which date back to bygone eras, are perfectly suited in style.
The economy of South Carolina's Greenwood County has evolved from its roots in textile production to large- scale manufacturing, health care, and research and development enterprises. Located southeast of Greenville, the area continues to diversify its economic drivers and hotel demand generators, with attractions ranging from museums and historic mansions to the literally grassroots Festival of Flowers, a major event for gardening enthusiasts nationwide.
The East Texas economy is headlined by a few cities located along two major interstates. The network of interstates and highways has made this region favorably situated for many industries and sectors including logistics, trade, manufacturing, and distribution. Though some East Texas markets have been affected by the downturn in oil and gas prices, growth in other sectors has buoyed these areas and mitigated any significant downturn.
The HVS U.S. Hotel Franchise Fee Guide provides a comparative review of various hotel franchises based on their applicable franchise fees. The selection of an appropriate franchise affiliation affects a property's ability to compete in its local market, generate profits, and achieve a desirable image and market orientation. Because the success of a hotel is based primarily on the cash flow generated, owners and lenders must weigh the benefits of a brand affiliation against the total cost of such a commitment.
Some state fiscal budgets have been heavily scrutinized over the past decade due to considerable deficits, forcing the state legislatures to reduce spending in areas that are considered more or less discretionary. While each state has its own funding model for tourism spending, many states and municipalities levy occupancy, admission or other tourism-related taxes on the sale of products and services to fund tourism budgets.
This 2015/16 survey reports per-room hotel development costs based on data compiled by HVS from hotel projects proposed or under construction during the 2015 calendar year. Construction cost data for new projects was collected in 2015 in order to form the basis of the mean and median of the construction cost components. Data derived from published sources and industry indexes, as well as information obtained from architects, contractors, developers, lenders, and other professionals involved with hotel development projects, have been considered in this survey.
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