As economic recovery resumes and tourism strengthens, Washington, D.C. remains a top draw for leisure, convention, and government demand, with area hotels achieving some of the highest RevPAR levels in the nation.
Business, education, government, and expanding tourism and healthcare industries form the foundation of Baltimore’s economy. What should hoteliers have an eye on?
Is it a buyer’s market, a seller’s market, or simply time to develop?
Underpinned by emblems of education, government, business, music, and history, Austin’s economy ranks among the best in the nation. New full-service hotels should lead to more convention demand, with hotel performance growth expected market-wide.
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.
New business partnerships, investments in high-tech companies and facilities, and rising hotel demand and average rates point toward a path of growth for Lansing’s economy and hotels.
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.
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.
A mix of cultural and commercial projects continues to steer businesspeople, tourists, and conventioneers toward Cincinnati, giving area hoteliers some hope in the tough economy.
Business growth is in league with happenings on the hotel front to help forge new promise for this evolving city.