Though on the verge of an influx of new hotel supply, demand in Hampton Roads has risen in recent years, improving occupancy and allowing hoteliers to command better rates.
Occupancy swung above 75% for Seattle’s hotel industry in 2014, a reflection of the city’s blossoming economy. High demand has also supported strong average rates and rising hotel values.
Denver’s growth this year reflects what many hotel developers and owners have been witnessing—as a market for jobs, business, and development, Denver continues to outperform.
This past year, Cleveland has gained a major casino, a world-class aquarium, and a state-of-the-art convention center. How does this impact the lodging market?
Cincinnati’s workforce is set to return to pre-recessionary proportions by 2014, making the city’s economic recovery among the fastest in the Midwest. Cincinnati’s hotel industry has realized slower growth, though demand and ADR are trending upward.
Unemployment and office vacancy has been dropping in Columbus, the state capital and a major center for financial and healthcare services in Ohio. Hotel occupancy hit a record high in 2012, and average rates are gaining ground.
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.
Hoteliers stand to reap the benefits of this capital city’s revitalization, especially downtown.
The Franklin County Convention Facilities Authority retained HVS International to analyze the feasibility of developing additional full-service convention hotel capacity in downtown Columbus, in the immediate vicinity of the Greater Columbus Conventi