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The Hunter Conference in Atlanta breathed new life into the hotel industry last week, as over 1,000 descended on the Marriott Marquis with excitement and relief that we are finally emerging from the pandemic.
Leisure demand driving the initial recovery, with corporate transient and group lagging, was still a prevalent theme, but one has to wonder if group will bounce back quicker than anticipated given the rather last-minute popularity of this event. Only time will tell, but if this conference was any indicator, meeting and group business will likely play a more important role in the early recovery of the industry than we might otherwise think.
Both the shortage and rising cost of labor were top concerns that were highlighted by several panels and interviewees. These factors will inevitably influence the re-introduction of services, the elimination of services, and increased automation. I can only hope we keep a watchful eye on automation, as people, and our interactions with hotel staff, are what ultimately drives hospitality.
More than anything else, attendees were simply happy to be traveling again and to be around others, sharing ideas, deals, and predictions for the industry going forward. Smiles and optimism were everywhere to be seen; it was an exciting event. Looking forward to ALIS in July, and if you haven’t secured your spot and lodging for that conference, I would suggest you do so quickly.
In Partnership,
Rod Clough, MAI
President, HVS Americas
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The Pandemic’s negative effect on the hospitality industry, especially its ability to hire new associates, will be long felt even as we see signs of recovery. Many have left the industry for other opportunities considered more stable. The more leadership can recognize, motivate, and reward team members, the stronger the chances are of rebuilding and retaining staff for the long term.
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Vaccine rollouts, an increase in local and regional non-air travel trends and higher transaction volumes are all positive news supporting an elevated degree of confidence for a market rebound. Multiple announcements made by large investment funds committing to substantial capital injections into the hospitality lending space will also provide a boost.
STAY IN THE KNOW.
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HVS is pleased to present the opportunity to acquire both the 88-key TownePlace Suites by Marriott and the 85-key Courtyard by Marriott. The lender-owned properties must be acquired as a portfolio. The two properties are located next to one another and have a highly coveted location along the Galveston Seawall. A new investor will have the opportunity to realize the significant upside of acquiring and renovating two premium-branded assets in a historically robust market, substantially below replacement cost. Please visit our listings or contact Eric Guerrero, James Rebullida, or Fadi Rawashdeh for more information.
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A record-breaking decade of growth in the Los Angeles hospitality market was brought to a halt by COVID-19 in 2020. A year after the start of the pandemic, we explore the changing dynamics of this market.
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Towards the end of first quarter of 2021, the Canadian Hotel industry has begun to see slight improvement in demand; Western Canada led the strongest demand improvement over 2020 while the Atlantic bubble continues to deliver a devastating impact to the market.
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Hotels in Fort Lauderdale and the greater market recorded a banner year in 2019. The new decade kicked off a strong start with expectations that the momentum would continue, led by the demand from Super Bowl LIV held in nearby Miami Gardens. However, the onset of COVID-19 in March 2020 brought travel to a sudden standstill across the nation, immediately impacting hotels in the local market.
STAY INFORMED.
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The Hampton Roads area has historically benefited from strong leisure and tourism demand, government activity at the area’s military facilities, and corporate travel. Since early March 2020, however, the Hampton Roads lodging market has suffered a decline in demand, like most metropolitan areas in the United States, because of the COVID-19 pandemic. How much of an impact has the market experienced, and how quickly can this historically stable market recover?
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HVS Brokerage & Advisory announces the sale of the 92-key Candlewood Suites, located at 2401 East President George Bush Highway, Plano, Texas 75074.
LEARN MORE ABOUT THIS TRANSACTION.
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HVS, as the sole and exclusive advisory firm to Ownership, is pleased to present the opportunity to acquire the 118-key Howard Johnson by Wyndham Beaumont, a limited-service asset located in the burgeoning market of Beaumont, Texas. This opportunity presents a blank slate for a new owner/operator to restructure the hotel’s operations, improve the bottom-line cash flows, and capitalize from $54-billion petrochemical expansion projects in the Beaumont/Port Arthur area over the next ten years. Please visit our listings or contact Eric Guerrero, James Rebullida, or Fadi Rawashdeh for more information.
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