Indianapolis was expecting another record-breaking visitation year in 2020. However, the onset of the COVID-19 pandemic brought the city’s thriving convention and sports/entertainment sectors to a halt, dragging the hotel industry down with it. Fortunately, certain factors, including the continued operation of the Indianapolis Convention Center in 2020 and a promising 2021 calendar of events, are providing a good foundation for its recovery.
Since early March of 2020, Greater St. Louis-area hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. How far has the greater St. Louis hotel market fallen? How does this compare to the last recession? What will the recovery look like?
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type.
Based on patterns of recovery following the two most recent recessions, HVS projected the lodging tax revenues of 25 US urban markets. Compared to a baseline scenario without the pandemic, HVS estimates combined lodging tax losses across these markets could range from $4.4 to $6.1 billion. Losses of this magnitude will force stakeholders to consider steps such as debt refinancing or seeking alternative revenue streams until the hospitality industry recovers from this pandemic.
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source now provides the basis for our illustrated total development costs per room/per product type.
Bolstered by dozens of companies relocating to the urban core and the country’s largest convention center, Chicago has solidified itself as one of the most vibrant and active lodging markets in the United States.
Chicago continues to attract hotel development to the downtown market, thanks to its proximity to global transportation and well-educated workforce. The installation of Chicago’s 60th crane in 2017 suggests that development is still robust.
In response to rising demand for unique designs, developers are turning to adaptive reuse as a means of creating one-of-a-kind hotels. Historic building conversions come with their own sets of challenges, balanced by potential rewards.
Group sales managers in hotels, convention and conference center, and CVB’s need to understand the reasons for lost business. This article presents a comprehensive approach to lost business analysis that helps increase group sales.