Brooklyn is renowned not simply for the Brooklyn Bridge, but also for its innovation economics, arts, and eclectic neighborhoods. Expansive commercial and residential development projects have created a new façade for this multi-faceted New York City borough.
Along the lines of the Bob Marley song, the Caribbean is “alright” despite lingering issues such as post-Hurricane rebuilding, new supply, and Sargassum. Resiliency continues as hoteliers have focused on crisis management and innovative product types to drive tourism and investment in the region.
Bolstered by demand from the tech industry, the greater Silicon Valley lodging market continues to achieve record RevPAR levels. However, with the entrance of new hotels, supply has begun to outpace demand, with further developments in the pipeline.
Hotel markets across Somerset, Morris, and Middlesex Counties in northern New Jersey have realized a rise in commercial lodging demand, the result of corporate relocations from New York City and local company expansions.
The recent recession cut into Wilmington’s hotel market as demand from financial institutions and other firms weakened; however, new projects, rising room rates, and a strengthening economy in the city and MSA are putting RevPAR on the mend.
Downsizing, travel freezes, and facility closings have made the climate bleak for hotels in northern Delaware, but a slowdown in the introduction of new supply should help shore up penetration levels when business activity and demand growth resume.