Hospitality Market Report | 2014 Charleston Commercial Market Forecast
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Transcript of Hospitality Market Report | 2014 Charleston Commercial Market Forecast
www.CharlestonCommercialMarketForecast.com
Commercial Real Estate Market Forecast
October 8, 2014 | Daniel Island Club
www.CharlestonCommercialMarketForecast.com
DEMAND POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBLIC RELATIONS SOUTHERN CHARM BEACH HISTORIC DISTRICT NORTH CHARLESTON SUMMERVILLE DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET MT. PLEASANT CULTURE DEMAND POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBLIC RELATIONS SOUTHERN CHARM BEACH HISTORIC DISTRICT NORTH CHARLESTON SUMMERVILLE DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET MT. PLEASANT CULTURE POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBLIC RELATIONS SOUTHERN CHARM BEACH HISTORIC DISTRICT NORTH CHARLESTON SUMMERVILLE DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET MT. PLEASANT CULTURE DEMAND POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBLIC RELATIONS SOUTHERN CHARM BEACH HISTORIC DISTRICT NORTH CHARLESTON SUMMERVILLE DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET MT. PLEASANT CULTURE DEMAND POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBLIC
HOSPITALITYREPORT
www.CharlestonCommercialMarketForecast.com
Hospitality & Tourism Update
Michael TallPresident & COO
[email protected](843) 422.3851
www.CharlestonCommercialMarketForecast.com
Numerous Mentions in Highly Acclaimed Publications
www.CharlestonCommercialMarketForecast.com
YOY Occupancy Growth
2011 2012 2013 (YTD) 2014
Charleston 0.014 0.008 0.021 0.042
United States 0.044 0.025 0.015 0.034
0.3%
0.8%
1.3%
1.8%
2.3%
2.8%
3.3%
3.8%
4.3%
4.8%
www.CharlestonCommercialMarketForecast.com
YOY ADR Growth
2011 2012 2013 (YTD) 2014
Charleston 0.034 0.06 0.041 0.062
United States 0.037 0.042 0.039 0.043
0.5%
1.5%
2.5%
3.5%
4.5%
5.5%
6.5%
www.CharlestonCommercialMarketForecast.com
Year-Over-Year RevPAR Growth
2011 2012 2013 (YTD) 2014
Charleston 0.05 0.074 0.06 0.104
United States 0.082 0.068 0.054 0.078
1.0%
3.0%
5.0%
7.0%
9.0%
11.0%
www.CharlestonCommercialMarketForecast.com
Average Tourist Expenditures
Accommoda-tions$103
Dining/Food$58
Local Transporta-
tion$38
Tours/Attrac-tions$37
Shopping$46
Other$18
$227 Per Visitor Per Day
www.CharlestonCommercialMarketForecast.com
New Supply Entering the Market
www.CharlestonCommercialMarketForecast.com
New Inventory - PeninsulaExpected Completion 2015Calhoun Hotel – 50 Rooms
Grand Bohemian – 50 Rooms
Hyatt House – 113 Rooms
Hyatt Place – 191 Rooms
King Hotel – 54 Rooms
Restoration on King Hotel – 36 Rooms
The Spectator Hotel – 41 Rooms
Expected Completion 2016Hotel Dewberry – 155 Rooms
Hotel (Marion Square) – 185 Rooms
Hotel (Meeting/Reid Streets) – 138 Rooms
Expected Completion 2017Aloft/Element Hotel - 174
www.CharlestonCommercialMarketForecast.com
New Inventory - Charleston AreaExpected Completion 2014Hilton Garden Inn – 130
Marriott Courtyard – 93 Rooms
Expected Completion 2015Marriott Residence Inn – TBA
Expected Completion 2016The Dorchester Hotel – 66 Rooms
Hotel Use (TBA)Hampton Inn – Crosstown Area
Hotel at SC Aquarium – Calhoun Street
Holiday Inn Express – IOP Connector
Hotel Use - Patriot’s Point
Hotel Use - Calhoun & Meeting
www.CharlestonCommercialMarketForecast.com
Forecast
2014 2015Charleston PeninsulaOccupancy 80.5% 80.1%ADR $188.72 $194.17
Charleston CountyOccupancy 74.5% 74.7%ADR $136.66 $143.49
www.CharlestonCommercialMarketForecast.com
Michael TallPresident & COO
[email protected](843) 422.3851