brandon leversee
Columbus, Ohio: A Bright Spot for Midwestern Hotels
Brandon Leversee | March 20, 2024
By Brandon Leversee The greater Columbus region is the top metro area in the Midwest in terms of GDP, population, and job growth. Contributing to this economic growth are legacy industries and sectors such as finance and insurance, along with education, retail, and health care. More recently, Columbus has emerged as the leading tech hub of the Midwest. In 2022, Intel Corporation, one of the world's largest semiconductor manufacturers, began construction on a $20-billion manufacturing facility in New Albany, just outside of Columbus. This development has attracted other related companies that are expected to support this operation, furt...
Detroit Lodging Market: On the Road to Recovery
Brandon Leversee | February 14, 2023
By Brandon Leversee, David Preiss The Detroit hotel market continued an upward trajectory in 2022 following a strong 2021. As illustrated below, RevPAR growth was driven by increasing average rates, with ADR exceeding pre-pandemic levels. Strong ADR levels were driven by Detroit’s tourism industry, which has shown the greatest recovery following the severe downturn in 2020 and early 2021. Visit Detroit reports that visitation numbers since the second quarter of 2022 have approached the pre-pandemic levels of 2019. However, occupancy growth has lagged the average for the U.S. and other top 25 markets in the Midwest, such as Indianapolis...
The Cleveland Market Is on Pace for Full Recovery
Brandon Leversee | January 4, 2023
By Brandon Leversee The recovery of Cleveland’s travel and tourism industry is well underway following the severe downturn in 2020. According to Destination Cleveland, business and leisure travelers to Cuyahoga County in 2021 increased by 17% from the levels recorded in 2020. This increased visitation resulted in a total economic impact of $9.3 billion. Industry officials predict that Cleveland and Cuyahoga County will fully recover by 2024, despite rising inflation and continued staffing shortages, as well as the possibility of a national recession in 2023. Cuyahoga County Market—Recovery to 2019 Performance Source: Destination...
HVS Market Pulse: Detroit, MI
Brandon Leversee | March 14, 2019
By Brandon Leversee Detroit's image of a proper rust-belt city in the depths of despair during the Great Recession and the subsequent filing of bankruptcy in 2013 has been reshaped into an inspiring story of resilience and resurgence. Detroit's economy is strong, with unemployment decreasing every year since 2014 and an employment base that continues to diversify. While the economic mainstays—General Motors, Ford, and Fiat Chrysler—still thrive in the city, other major employers belong to the financial and healthcare sectors; moreover, the technology sector continues to grow. The strengthening of the local economy has positi...
HVS Market Pulse: Detroit, MI
Brandon Leversee | December 21, 2017
By Brandon Leversee The Detroit metropolitan area has experienced significant economic growth in recent years, fueled by a strengthening auto industry as well as the continued diversification of the local employment landscape. The hotel sector is benefitting from existing employers expanding operations locally and new entrants to the market. The Big Three automakers continue to invest in the region, while companies like e-commerce giant Amazon.com Inc. are building large warehouse facilities. Revenue gains for hotels were accordingly robust during the 2010–2016 period. Revenue per available room (RevPAR) during that stretch grew n...
