While Panama City Beach’s 27 miles of white sand beaches and emerald blue waters have remained unchanged since the 1950s, this market’s identity and economic landscape have undergone many transformations over the last two decades. This destination’s willingness to transform, its flexibility in the face of hardship, and the natural beauty of its beaches and beyond are what make Panama City Beach a truly resilient market with virtually unlimited development potential.
The Coachella Valley is known for its signature events, including the Coachella Valley Music & Arts Festival. With major events canceled in 2020, how did the market perform? What’s the road for recovery?
Visitor statistics for Yellowstone, Glacier, and Grand Teton National Parks, as well as the related airport data in Wyoming and Montana, reveal surprising lodging trends in light of COVID-19.
Seattle effectively closed for business in early March 2020 because of the COVID-19 pandemic. Attempts to reignite the local economy have faced multiple setbacks, compounded by 40+ national convention cancellations, the shuttering of the 2020 cruise season, and the substantial decline in inbound domestic and international travel. The effects of COVID-19 on the Pacific Northwest have been nothing short of catastrophic to the hospitality industry.
The COVID-19 pandemic and resulting restrictions on domestic and international travel, economic activity, and individual movement are having an unprecedented impact on the lodging and tourism industry in Latin America. While government authorities across the region work to manage restrictions and phased reopening plans, uncertainty prevails over the duration of the global pandemic.
HVS compiled the Q3 2020 performance statistics of brands reported by public companies. The data reflect the gains made during the post-lockdown summer months versus a very low Q2; however, with leisure travel slowing in the current and coming quarter, coupled with the increasing COVID-related restrictions, this trend may be short lived.
Since mid-summer, we have re-appraised 140 hotels that we valued in the years and months leading up to the onslaught of the COVID-19 pandemic in March 2020. Not every hotel has lost value, but value declines have predominantly fallen in the range of 15% to 30%.
Since early March, greater San Diego-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 San Diego hotel market fallen? How does this compare to the last recession? What will the recovery look like?
Since early March, metro Denver-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 Denver hotel market fallen? How does this compare to the last recession? What will the recovery look like?
Following waves of asset of appreciation, the pendulum has swung, and many hotels will be facing significant value declines in the current economic climate. As owners look for every way to reduce operating expenses, they should remain vigilant to pending fluctuations in real property assessment levels and proactive on appealing their assessments, if warranted.