Judicial Reference is a procedure similar in many ways to binding arbitration. For convenience, we may sometimes use the word “Reference” interchangeably with “Judicial Reference.”
A key driver of Seattle’s leisure demand is its cruise industry. In 2023, the number of Alaska cruises reached 291, a record number compared to 213 in 2019. The Port of Seattle estimates the annual impact of a cruise season on the region at $900 million. This demand particularly benefits local hotels, as passengers typically stay overnight in Seattle before and/or after their trip.
The Manhattan market was severely affected by the COVID-19 pandemic but has been experiencing a rebound, primarily driven by strong gains in average rate over the last three years. Legislative and supply changes are expected to positively affect hotel market trends going forward, and our demand forecast shows a rebound beyond 2019 levels by 2025.
A recent spate of lawsuits from plaintiffs represented by Pacific Trial Attorneys has highlighted the need for businesses to ensure ADA compliance. In the below article, JMBM partner Stuart Tubis discusses the importance of website compliance, and how best to defend your business if there is liability.
The $600-million Hard Rock Hotel & Casino Tejon project, which broke ground on December 14, 2023, promises to inject vitality into the Bakersfield suburb of Mettler. Phase I encompasses 150,000 square feet of gaming space, multiple dining options, and a 2,800-seat event venue. Phase II will include a 400-room hotel and additional dining and entertainment amenities. Phase I is slated to open in October 2025, with Phase II following 20 months later. Though situated 30 minutes from Bakersfield, this project is poised to become a prominent leisure demand generator for the region.
Orlando, nicknamed the City Beautiful, was one of the first of the top 20 U.S. hotel markets to recover from the pandemic. As average hotel rates and revenue now exceed historic peaks, demand continues to ramp up.
At the dawn of 2024, a U.S presidential election looms amidst numerous geopolitical challenges including two major ongoing wars in Europe and the Middle East which threaten global economic growth. The good news is, thus far it appears the U.S. economy has avoided recession with many now perceiving continued growth, albeit subdued. Inflation has cooled, the economy continues to add jobs, interest rates appear to have peaked and are anticipated to gradually decline for the next two years. Furthermore, a roaring stock market continues to fuel American consumer expenditures resulting in strong demand for travel including lodging.
Group business is back in a big way. In-person events are returning to their pre-COVID normal pace. In 2024, 81 percent of meetings will have an in-person component in them. A recent study by Deloitte anticipates that by 2024, business travel spending will return to its level before the pandemic. This view is echoed in Accor's data, which shows in their latest survey regarding client business travel that 57 percent of those surveyed anticipate a budget increase for travel in 2024 compared to 2023.
Formerly a haven for retirees and snowbird travelers, Naples has been revitalized as a popular destination for all generations. While the area’s natural attractions, hotels, restaurants, and shopping districts will remain its most popular attractions, sports tournaments and events have become a new focus in Naples.
The Boston/Cambridge lodging market ended 2023 at 76.4% occupancy, a 6.8% variance over 2022’s 69.6%. This 6-point increase in occupancy is a result of the market accommodating 8.6% more rooms in 2023 compared to the prior year; 0.6% more rooms occupied as compared to 2019. Seasonality appears to be in sync with what we typically expect for the Boston market. Peak season, May through October, monthly occupancies ranged between 84% and 89%, averaging 86%.
HVS was a proud sponsor of this year’s ALIS conference, where the sentiment was upbeat and optimistic for the year ahead. This article provides our key takeaways from the conference.
With inflation decelerating, fears of a recession receding, and supply growth muted, the overall outlook for U.S. hotel metrics in 2024 is one of modest, steady growth. The investment market is also showing increased signs of life, as inflationary concerns are diminishing and interest rates are improving modestly.
The Brooklyn hotel industry has been experiencing post-pandemic recovery due in part to strong leisure demand, an increase in meeting and group business, and the gradual return of commercial demand. Additionally, the New York City Department of Homeless Services and related entities have been utilizing many hotels as temporary shelters for homeless residents and migrants/asylum seekers.
Mark S. Adams is an experienced trial lawyer, partner, and senior member of JMBM’s Global Hospitality Group®. In his more than 14 years with the Firm, Mark has created an international reputation as a Hotel Dispute Lawyer, handling litigation, arbitration, jury trials, and alternate dispute resolution in hundreds of matters affecting hotels, resorts, restaurants, and other hospitality properties. But not every matter should, or does, end up in litigation. Mark also provides pre-litigation strategic advice to avoid litigation and optimize a client’s position for settlement where possible.
Little Rock is experiencing growth, both recent and potential. Propelled by average rate growth, hotel RevPAR in Little Rock continued to improve in 2023, with occupancy meeting or exceeding prior pandemic levels at most hotels. In addition to a recovery trend in both business travel and group demand, tourism and leisure demand in the Natural State experienced significant growth after the pandemic.
To help hotel developers and investors with their due-diligence process, CBRE Hotels Research collected more than 20 years, and analyzed ten years, worth of hotel key performance indicators (KPIs) disclosed in the SEC filings of six large public companies: Choice, Hilton, Hyatt, IHG Hotels & Resorts, Marriott and Wyndham. Combined, these companies had more than three million rooms or approximately 60% of total U.S. hotel supply at year-end 2022. Underlying data used to conduct this analysis is available for purchase here.
In 2023, Portland's hotel demand faced setbacks from public safety concerns and absorption of new hotel supply. However, initiatives like the Hotel Security District and a government task force addressing homelessness signaled change. The opening of the Ritz-Carlton Hotel & Residences and several upcoming events contribute to a cautiously optimistic 2024 outlook.
Boston is back. The three key demand channels have returned to an approximation of their pre-pandemic levels (conventions and business travel up, leisure down), and the city’s RevPAR has improved to third in the nation, supplanting Miami and various West Coast rivals. Here are ten things to know about the city.
In October this year, California Governor Gavin Newsom signed into law (effective July 1, 2024) a sweeping ban on pricing goods and services without including all mandatory fees or charges.
Over the past decade, Sacramento has seen strong economic growth, driven by investment in the Downtown and Natomas submarkets. Fueled by rising costs in the San Francisco Bay Area, businesses and individuals have migrated inland toward the more cost-efficient Sacramento Valley. With several major commercial developments in the works, Sacramento should experience sustained growth in the near term.