Asheville’s hotel industry thrives on tourism, though other demand segments have been making headway. A rise in occupancy and average rate over the past several years is expected to continue, driving hotel development in the city’s downtown.
Investment out of mainland China in U.S. hotel real estate has been on the rise for years. What’s driving the trend, and how has it affected hotel markets in the U.S.?
Hotel values in St. Louis are rising, and RevPAR reached a new high in 2015. A rise in convention bookings, along with expansion efforts aimed at drawing more leisure demand, provide for an optimistic outlook for the city’s hotel industry.
Major events and tourism boosted occupancy and average rate in the Twin Cities in 2015. Hotels stand to benefit from increased visitation in the years to come, keeping average rates and property values on the rise.
Phoenix’s growth in 2015 reflects the hopes of hotel developers and owners in the market, as performance closes in on pre-recession levels.
Thanks to energy-driven demand, Houston achieved record occupancy levels in 2014. The recent fall of oil and gas prices and more than 5,000 new rooms on the horizon poses a challenge to market-wide occupancy, though average rates continue to climb.
Though on the verge of an influx of new hotel supply, demand in Hampton Roads has risen in recent years, improving occupancy and allowing hoteliers to command better rates.
Occupancy swung above 75% for Seattle’s hotel industry in 2014, a reflection of the city’s blossoming economy. High demand has also supported strong average rates and rising hotel values.
Denver’s growth this year reflects what many hotel developers and owners have been witnessing—as a market for jobs, business, and development, Denver continues to outperform.
The North American hotel industry is still firing on all cylinders, with year-to-date occupancies at an all-time high. While some markets face challenges from new supply, prospects appear healthy in the near term.