Message from Rod Clough, President - HVS Americas

December is upon us, and we here at HVS are looking forward to the holiday season and embarking on a new year. In this newsletter, we present a collection of views from our HVS practice leaders around the world, including a look back on the successes and challenges of 2023 and what may be ahead of us in 2024. I encourage you to read this insightful article, as well as our other market intelligence summarized below.

Wishing you a great holiday season ahead!

In Partnership,

Rod Clough, MAI

President, HVS Americas

Global Hotel Performance Brief

HVS Global Hotel Industry: 2023 Recap and 2024 Outlook

As 2023 ends, regional HVS leaders across the globe take a look back at how the global hotel industry fared this year. Overall, operating metrics shined brightly, with revenue growth achieved in most global markets, while investment activity cooled. The investment market is expected to improve in 2024.

Current Market Outlook Reviews

Shining in Today’s New Normal: Key Takeaways from CHICOS 2023

The 2023 edition of the Caribbean Hotel Investment Conference & Operations Summit (CHICOS) brought over 300 attendees to the Westin Beach Resort & Spa St. Thomas, USVI, for several days of networking and industry insights from key stakeholders in the region. This article provides key takeaways from this year’s conference.

Charleston, SC: Making & Preserving History

While the onset of COVID-19 had devastating effects for the Connecticut tourism industry, a recovery quickly began. By 2022, occupancy levels were only slightly below those of 2019, and ADR levels far surpassed those of 2019. The upcoming renovation of the XL Center in Hartford and the state’s “Find Your Vibe” campaign are key indicators of Connecticut’s recovery and success.

Canadian Lodging Outlook Quarterly 2023-Q3

Year-to-date 2023 market occupancy Canada wide has surpassed 2019 year-over-year at 67.5% vs. 66.9 % in 2019. Average Daily Rate continues to hold with more than a 20% premium resulting in RevPAR growth over 2019 of almost 22%!

Indianapolis Gears Up for Convention and Hotel Expansions

Central Oregon, located east of the Cascade Mountains, is a popular drive-to destination comprising twelve cities. It attracts millions of visitors annually with its natural beauty and diverse landscape. However, the COVID-19 pandemic has greatly affected the travel industry, causing notable changes in hotels, businesses, and attractions across Central Oregon.

The Continued Recovery of the New Orleans Lodging Market

The pandemic’s prolonged impact on the New Orleans hospitality market exacerbated a slow period in the convention cycle. However, New Orleans remains a popular leisure destination, with new upscale hotel supply and renovations to demand generators. Market participants are confident that demand growth in 2024 and 2025 will help the city recover to its pre-pandemic metrics.

Anchorage, Alaska: Hotel Market Trends and Conversions to Housing

While Anchorage was significantly affected by the pandemic, a surge of independent travelers boosted the economy in 2021. More robust growth occurred in 2022 with the return of normal demand sources. Furthermore, the conversion of hotels to permanent housing has reduced the hotel supply in Anchorage and contributes to recent trends.

MexHIC: Registration is Open. Unlock Exclusive Savings!

The Mexico Hotel and Tourism Investment Conference (MexHIC) is powered by HVS, the world’s leading hotel and hospitality consultancy. MexHIC 2023 gives stakeholders a chance to hear from industry leaders and representatives of major hotel brands; network with developers, investors, lenders, and government officials; and engage the many challenges and opportunities of the Mexican and Central American lodging landscape.

The 2024 event will take place February 8 at the Camino Real Polanco in Mexico City. Please direct sponsorship and all other inquiries to Liliana Aguilar.

* Early Bird registration ends December 31, 2023 *

HVS Information Alert!

Speakers

• Kirsten Z. Smiley, MAI at the Americas Lodging Investment Summit (ALIS) 2024
• John Berean at the Americas Lodging Investment Summit (ALIS) 2024

Did You Know?

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Superior Results through Unrivaled Hospitality Intelligence. Everywhere.

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