Rod Clough, President – Americas, interviewed Managing Director, Charleston overseeing the Carolinas and Coastal Georgia, on June 10, 2021, to discuss the current Charleston market dynamics and the outlook for recovery.
Since early March of last year, hotels in the greater Dallas/Fort Worth Metroplex have suffered varying degrees of demand loss in demand due to the COVID-19 pandemic, and while South Dallas’s economy was not immune to the impact of the pandemic, the logistics/distribution, manufacturing, and industrial industries have remained strong in this market.
The Market Snapshot: Asia Pacific 2021 highlights an overview of transaction activity in the region and presents 26 cities’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.
Cincinnati experienced a banner year in 2019, with hotel performance reaching peak levels given the diverse base of lodging demand sources. However, since early March 2020, Cincinnati-area hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. Fortunately, lodging performance has improved in recent months, and significant investments throughout the region are forming a good foundation for market recovery.
The COVID-19 pandemic delivered a substantial blow to Detroit. However, the city had one of the lowest RevPAR declines in 2020 among the top 25 markets, with only four leisure-oriented markets performing better. Is this a sign of Detroit’s famous resiliency, or was it merely the fact that Metro Detroit had less to lose?
One thing that stood out at the recent May 2021 Hunter Conference at the Atlanta Marriott Marquis was that people are ready to travel, gather, and attend large-scale conferences again. The Marriott was ready, with attentive staff, well thought-out procedures, and a great experience all around. Kudos to both the Hunter Conference team and the Marriott team. It was a truly flawless event.
In 2020 and early 2021, Anaheim-Santa Ana hotels suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. How does this compare to the last recession? What factors are contributing to the recovery?
The Hampton Roads area has historically benefited from strong leisure and tourism demand, government activity at the area’s military facilities, and corporate travel. Since early March 2020, however, the Hampton Roads lodging market has suffered a decline in demand, like most metropolitan areas in the United States, because of the COVID-19 pandemic. How much of an impact has the market experienced, and how quickly can this historically stable market recover?
The Pandemic’s negative effect on the hospitality industry, especially its ability to hire new associates, will be long felt even as we see signs of recovery. Many have left the industry for other opportunities considered more stable. The more leadership can recognize, motivate, and reward team members, the stronger the chances are of rebuilding and retaining staff for the long term.