Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston,...
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Transcript of Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston,...
![Page 1: Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston, MA 02114 ~ 617/722-9916 238 South State Street, Newtown,](https://reader036.fdocuments.net/reader036/viewer/2022062716/56649dd25503460f94ac7f53/html5/thumbnails/1.jpg)
Rachel J. Roginsky, ISHCDaniel C. Hanrahan II, MAI, CRE
Gregory T. Bohan
76 Canal Street, Boston, MA 02114 ~ 617/722-9916 238 South State Street, Newtown, PA 18940 ~ 215/579-1804
3418 Norfolk Street, Pompano Beach, FL. ~ 954/786-2019
www.pinnacle-advisory.com
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National Trends – Occupancy and ADR
50
55
60
65
70
75
80
85
90
1996 1997 1998 1999 2000 2001 2002 2003
Occupancy (%)
ADR ($)
Peak $86.64July 2001
$83.33December 2003
Peak 65.2%June 1996 59.3%
December 2003
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Top and Bottom 5 Markets – Percent RevPAR Change 2003
-19.6
-14.7-11.9
-9.5-7.5
0.4
4.4 4.46.4 7.4 8.1
-25
-20
-15
-10
-5
0
5
10
Salt Lake City
, UT
San Jose, CA
Oakland, CA
Boston, MA
Houston, TX
Total U.S.
Norfolk-VA Beach, V
A
Anaheim-Santa Ana, C
A
Fort Lauderdale, F
L
Oahu Island, HI
Miami-Hialeah, F
L
Top 5
Bottom 5
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Historical Trends
•Occupancy
•ADR
•RevPAR
Historical Trends by Area
Historical Trends
•Occupancy
•ADR
•RevPAR
Historical Trends by Area
Boston / Cambridge
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Boston / Cambridge Occupancy 1990 – 2003
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Boston / Cambridge ADR 1990 – 2003
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Boston / Cambridge RevPAR 1990 – 2003
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Boston/Cambridge 2003 by Area
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
Back Bay Downtown Other Cambridge
Occupancy
Avg Rate
RevPAR
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•Commercial Demand
•Leisure Demand
•Group Demand
•New Supply
•Projections
•Commercial Demand
•Leisure Demand
•Group Demand
•New Supply
•Projections
Boston / Cambridge Outlook 2004
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•Improving Economy•Growth in High Tech Industries•Financial Services
Improving Stock MarketConsolidation
•Pharmaceutical and Biotech
•Improving Economy•Growth in High Tech Industries•Financial Services
Improving Stock MarketConsolidation
•Pharmaceutical and Biotech
Commercial Demand
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•Improving Economy•Weak Dollar•More Stable Geopolitical Situation•New Low-Cost Air Carriers
•Improving Economy•Weak Dollar•More Stable Geopolitical Situation•New Low-Cost Air Carriers
Leisure Demand
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•Strong Citywide Demand18 vs 15 in 2003
•Strong Short Term Pick-upAdded 2 Large Groups (1,500+ on Peak)
•Group Definites at the “Big 6” are 14% above last year
•Strong Citywide Demand18 vs 15 in 2003
•Strong Short Term Pick-upAdded 2 Large Groups (1,500+ on Peak)
•Group Definites at the “Big 6” are 14% above last year
Group Demand
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• Courtyard at 88 Exeter – Back Bay – 81 Rooms - April
•Hotel Onyx – N. Station – 112 Rooms – May
•Jurys Doyle – Back Bay – 220 Rooms – June
•Clarion – N. Station – 88 Rooms – June
•Hampton Inn and Suites – Crosstown
– 175 Rooms – June
• Courtyard at 88 Exeter – Back Bay – 81 Rooms - April
•Hotel Onyx – N. Station – 112 Rooms – May
•Jurys Doyle – Back Bay – 220 Rooms – June
•Clarion – N. Station – 88 Rooms – June
•Hampton Inn and Suites – Crosstown
– 175 Rooms – June
Boston/Cambridge New Supply 2004
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New Supply 2005-2007
Hotels Rooms2005 1 164
2006 5 1,841
2007 & Beyond
13 4,953
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PAG Projections 2004
2003 2004 Change
Occupancy 70.3% 72.3% 2.8%
Average Rate
$152.71 $155.76 2.0%
RevPAR $107.36 $112.61 4.9%
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1.6 million square feetThird largest in the Mid Atlantic and Northeast
Grand Opening June 24, 2004Westin Headquarters Hotel Open June 2006
Boston Convention and Exhibition Center
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•Closure of the HynesCould be sold July 1, 2006
•Room BlocksBCEC Groups will be required to use Back Bay Hotels
•Marketing Leadership•Facility•Location
The Future Of the Boston Convention Market
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Boston is no longer a “Backwater”Completion of the Big Dig is already having a positive effect
World-Class Convention CenterExcellent Transportation Infrastructure
$14.6 Billion on Big Dig$1.2 Billion on Logan Modernization
The Changing Face of Boston
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Nationally: the floodgates are wide open
Boston: the gates are still closed
Capital Markets
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76 Canal Street Boston, MA 02114 ~ 617/722-9916238 South State Street, Newtown, PA 18940 ~ 215/579-1804
3418 Norfolk Street, Pompano Beach, FL 33062 ~ 954/786-2019
www.pinnacle-advisory.com
PINNACLE ADVISORY GROUP