With demand driven by energy, health care, and shipping, Houston’s hotel market reached historically high occupancy and average rate in 2013. The following article tracks trends in hotel supply, demand, and performance across the city’s submarkets.
Energy prices, strong for the past several years and rising in 2012, have driven impressive growth in jobs, commercial space, and other developments in Houston. This growth and major planned projects continue to pump hotel demand into the city.
An overview of hotel value factors in Morgantown, West Virginia.
The Emerald City, in recent years thought to be recession-proof, has lost a bit of luster in the national economic downturn.
Shipping, health care, higher education, tourism, and the military are just some of the industries that diversify Charleston’s economy and help area hotels fare better than in most other markets during the recession.
Research shows that the recession has disproportionately affected occupancy at the older hotels in the Hampton market. With several large-scale developments promising to change the makeup of demand, a need for newer hotels is evident.