Amy Schmidt
Indianapolis Gears Up for Convention and Hotel Expansions
Amy Schmidt | November 10, 2023
By Amy Schmidt, Trey Osadchey While Downtown occupancy in the year-to-date 2023 period remains 5–10% below the 2019 level, the robust convention and citywide event calendar has kept rates high and increased the market rate ceiling. This trend is anticipated to continue given the new higher-rated supply. Market ADR surpassed 2019 levels in 2022, aiding the recovery of RevPAR. According to our research, the Downtown Indianapolis market is achieving RevPAR only 5–10% below the pre-pandemic levels, a positive sign given the delayed return of corporate demand. Convention Center Expansion and New Hotel Supply The Indiana Convention Cent...
Milwaukee’s Rebounding Lodging Industry and Future Economic Growth
Amy Schmidt | July 31, 2023
By Amy Schmidt The COVID-19 pandemic had a significant impact on Milwaukee's hotel market, particularly in 2020 when the city experienced a decline in tourism and major event cancellations, coupled with the addition of new supply. However, as the world moves towards recovery, Milwaukee is showing signs of revitalization. With various area development projects, the expansion of the convention center, and the addition of new hotel supply, the city's hotel market is poised for a continued rebound in 2023. Market Performance and Impacts In 2022, Milwaukee experienced a significant improvement in both occupancy and ADR. ADR levels surpassed 2...
Recent Lodging Trends and Outlook for Chicago, Illinois
Amy Schmidt | April 5, 2023
By Amy Schmidt, Brian Arevalo Despite the COVID-19 pandemic, readers of Condé Nast Traveler magazine have voted Chicago as the best big city in the U.S. for the last six years. Chicago’s numerous attractions include unique dining experiences, modern hotels, diverse neighborhoods, and an abundance of arts and entertainment venues. The market also benefits from its proximity to other major markets and its popularity as a meeting and group destination. Data for the Downtown Chicago market is outlined below, illustrating a strongly rebounding economy as of year-end 2022. Data for Chicago as of December 2022 Sources: Choose Ch...
HVS Market Pulse – Milwaukee, Wisconsin
Justin Westad | March 9, 2021
By Justin Westad, Amy Schmidt Prior to the COVID-19 pandemic, Downtown Milwaukee was experiencing revitalization and growth over a period of nearly ten years. The year 2020 was expected to be one of Milwaukee’s record years, with the Democratic National Convention scheduled for July. Given the reduction in attendance of this major one-time event and other citywide events that were forced to reschedule, RevPAR declined by 66%. Data provided by STR and Visit Milwaukee indicate that occupancy in Downtown Milwaukee dropped from 71.4% in 2019 to 32.5% in 2020. Meanwhile, average daily rate (ADR) declined from $144.10 in 2019 to $106.57 in ...
HVS Market Pulse: Green Bay, the Home of the Packers
Amy Schmidt | February 19, 2021
By Amy Schmidt Green Bay, the third-largest city in Wisconsin behind Milwaukee and Madison, is best known for being home to the NFL’s Green Bay Packers and their home stadium, Lambeau Field, and the market’s hotel industry has reaped the benefit of the growth generated from the surrounding Titletown District. However, in 2020, the COVID-19 pandemic caused a significant decline in lodging demand given the restrictions set on sporting events and the limits on gatherings. While the Packers averaged a total attendance of 77,845 per game in the 2019 regular season,[1] fans were prohibited from attending home games during the 2020 seas...
