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Message from Rod Clough, President - HVS Americas
The Fall edition of the HVS Hotel Broker Survey is hot off the press, reflecting the latest sentiments on where we are in the current cycle and how buyers are dealing with both expense pressures and a high cost of debt environment. The report provides a detailed, current view on hotel cap rates, exit cap rates, and discount rates by hotel property type. Other insights include the following:
• Availability of financing
• Investor interest by hotel property type
• The latest RRM trends
Obtain your copy of our latest survey.
In less than two weeks, our CHICOS Conference will take place in beautiful St. Thomas, USVI, at the Westin Beach Resort & Spa. This extraordinary conference is the premier industry gathering for Caribbean hotel investment stakeholders. It isn’t too late to book your registration and join us!
We’re available to present to you and your firm about our latest forecasts and hospitality-industry thought leadership. Connect with me or your HVS client partner—we’re here to help you navigate these times and provide expertise throughout every phase of ownership across a wide range of hospitality assets.
Wishing you a great fall season ahead!
In Partnership,
Rod Clough, MAI
President, HVS Americas
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In-Depth Hospitality Research | |
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2023 HVS U.S. Hotel Broker Survey Fall 2023
The HVS Hotel Broker Survey is published twice annually and provides an important look at cap rate trends, multipliers, and other key investment metrics for the US hotel industry. HVS reaches out to active hotel brokers in the US to participate in the survey, and their insights provide you with the pulse of the market as it relates to discount rates, going-in cap rates, exit cap rates, hotel exposure time and marketing time, and selling expenses by hotel product type, as well as current rooms revenue multipliers, effects of liquidation, and insights into specific markets.
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Current Market Outlook Reviews | |
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New Memphis Hotels Raise the Bar for Rate while Extending Occupancy Recovery
With the pandemic generally in the rearview for the market, Downtown Memphis hotels have yet to recover to occupancy levels realized in 2019. This is attributed to a slow recovery in both corporate and group demand, coupled with significant growth in new supply. However, rising average rates at new hotels have become the saving grace for market RevPAR levels.
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Connecticut’s Post-COVID Climb
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.
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Transforming Coachella Valley: Setting the Stage for Success
In the summer of 2023, occupancy in the Coachella Valley showed a return to normalcy after strong growth in 2021 and 2022 driven by pent-up leisure demand. Notably, ADR remains well above 2019 levels. The future looks promising, with the Acrisure Arena and Palm Springs International Airport expansion setting the stage for long-term success.
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Central Oregon: Evolution of Trends Post-Pandemic
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.
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Albany's Hotel Industry: A Bright Outlook
Albany's hotel industry continues to rebound from the pandemic. This article reviews the performance and recent trends of two distinct Albany submarkets and the market’s extended-stay hotel segment. Through this review, we provide a comprehensive overview of Albany’s performance coming out of the pandemic.
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CHICOS: Last Week to Register! | |
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The Caribbean Hotel Investment Conference & Operations Summit (CHICOS) is the premier hospitality conference in the region and brings together over 350 regional and international investors and operators, as well as the region’s leading decision makers. Attendees or speakers include government representatives, opinion leaders, developers, developers seeking investors, bankers and other lenders, tourism officials, investment fund representatives, hotel brand executives, franchise and operations company delegates, public and private institution members, consultants, advisors, architects, and designers. Conference attendees network and discuss the region’s markets and possibilities, while analyzing the most important trends that can affect their investment decisions.
The 2023 event will take place November 12–14 at the Westin Beach Resort & Spa at Frenchman’s Reef in St. Thomas, U.S. Virgin Islands. Further details, including registration, can be found on the conference website. Please direct all inquiries to Nicole Roantree.
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MexHIC: Registration is Open. Unlock Exclusive Savings! | |
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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.
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HVS is the only global consulting firm focused exclusively on the hospitality industry. We provide comprehensive expertise through every phase of ownership across a wide range of hospitality assets. | |
Superior Results through Unrivaled Hospitality Intelligence. Everywhere.
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