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Waterparks: Growth Trends in 2019
David J. Sangree | April 15, 2019
Diving Into Waterpark Growth Trends in 2019: 2019 will bring growth to the U.S. & Canadian markets as waterparks continue to evolve their attraction mix. By David J. Sangree, MAI, CPA, ISHC For the ever-growing waterpark industry, 2019 will be another year for robust growth as over $1 billion in investment is slated for indoor and outdoor waterparks and their related resorts. We project 21 municipal and private outdoor waterparks will open and three resorts will add or expand outdoor waterparks. The indoor segment will total 629,200 square feet of new waterpark space in 12 properties. Three of this year's most anticipated and exp...
Hotel Growth Continues in Major Ohio Markets
Adam Zarczynski | October 30, 2018
By Adam Zarczynski Ohio hotel supply: Benefiting from a strong economy, the United States hotel industry is currently experiencing a boom, which has developers across the country looking for their next opportunity. Many are finding that opportunity in major Ohio markets, as evidenced by significant growth in recent years. The Cincinnati, Cleveland and Columbus MSAs have each seen at least 15 new hotels open since 2016, with more properties currently under construction or proposed. Dayton trails the other MSAs with only six hotels opened since 2016, but all markets boast strong pipelines heading into the future. With all this new develop...
Data Reveals Risks, Prospects Facing US Hotels in 2018
John Burke | February 1, 2018
By John Burke With the start of the new year, many of us take stock of where we are and what 2018 holds in store. The status of the U.S. hotel industry partly depends on the lens you're looking through—whether you're a franchise company, developer, owner, operator or investor. While the opportunities and strengths of one perspective could be a threat or weakness to another, these items contribute to the big picture, regardless of your role in the industry. Strengths Record occupancy: U.S. hotel occupancy of 65.9% in 2017 is the highest since STR began recording U.S. lodging performance in 1987. Gross operating profit: GOP per avai...
Convention Center Hotels Boost Both Supply, Demand
John A. Kelley III, CHIA | June 30, 2017
By John Kelley, III, CHIA Municipalities across the United States are seeking approvals, funding or public-private partnerships to develop or redevelop their convention centers with an attached, big-box hotel. City councils in Kansas City and Oklahoma City are in process of getting approvals and funding secured while Portland, Oregon, and Chicago have such projects underway. One of the latest convention center hotel openings in the United States was the 600-room Hilton Cleveland Downtown, which opened on 1 May 2016. We analyzed supply and demand of four comparable tracts before and after development of their attached convention center h...
Request for Proposals to Develop a Proposed Hotel in Union Township, Ohio
Hotel & Leisure Advisors | October 10, 2016
Hotel & Leisure Advisors is working on behalf of a client to solicit qualifications and proposals from experienced firms to develop a branded 120-room, select-service hotel in Union Township, Ohio, outside of Cincinnati. H&LA's feasibility study assumes the hotel will offer 3,000 square feet of meeting space; a restaurant and lounge; indoor pool; whirlpool; fitness room; and business center. However, the client would consider other design options. The hotel will be in proximity to the Ivy Pointe Commerce Park, which is south of the Eastgate retail area and State Route 32, and home to several of Union Township's largest employers...
Gaming a Winning Bet in Ohio
Joseph Pierce, MAI | October 5, 2016
By Joseph Pierce, MAI In November 2009, the landscape of gaming in Ohio changed dramatically. After numerous defeats, Ohioans voted to approve a constitutional amendment permitting casino style gaming in four locations within the state: Cincinnati, Cleveland, Columbus, and Toledo. The four casinos are permitted up to 5,000 slot machines and are allowed to include the types of slot machine and table game wagering authorized (presently and in the future) in any of the neighboring states of Indiana, Michigan, Pennsylvania, and West Virginia. Also in 2009, then Ohio Governor Ted Strickland enacted an executive order to allow 2,500 video lot...
Measuring the Economic Benefits of Tourism
John A. Kelley III, CHIA | July 14, 2016
by John A. Kelley, III Some state fiscal budgets have been heavily scrutinized over the past decade due to considerable deficits, forcing the state legislatures to reduce spending in areas that are considered more or less discretionary. While each state has its own funding model for tourism spending, many states and municipalities levy occupancy, admission or other tourism-related taxes on the sale of products and services to fund tourism budgets. Taxes from the state's general fund are not always the main source of revenue for its tourism budget. Rather, tourism tax revenues are sometimes redirected into the state's general fund, which...
Golf Entertainment Complexes Offer a New Spin on an Old Game
John Burke | May 3, 2016
By John Burke With almost 1,500 18-hole equivalent golf course closures over the last 10 years and six million fewer golfers according to the National Golf Foundation (NGF), is it realistic to consider that the highest and best use of a Texas golf range that only managed $310,000 in gross revenue and 25,000 annual customer visits is still a driving range – albeit not your grandfather's driving range? Topgolf developers thought so, and in 2007 transformed the 50-stall Hank Haney Golf Range at Park Lane Ranch in Dallas into Topgolf Dallas, a 72-bay golf entertainment complex that bridges the gap between the traditional driving range...
