john berean
An Overview of San Francisco’s Prolonged Recovery
Jason Lee | September 5, 2024
Since the COVID-19 pandemic, San Francisco has been navigating a difficult and lengthy road to recovery. Concerns over safety and street conditions, record-high office vacancies, a weak convention calendar, and limited visitation from Asia are among the challenges for local hoteliers. However, the long-term outlook remains cautiously optimistic given the growing presence of artificial intelligence companies, the fuller rebound of convention activity, and major sporting events planned for 2026, including Super Bowl LX and the FIFA World Cup. Lodging, Convention, and Travel Trends Following a rebound in 2022, San Francisco’s hotel perform...
ALIS 2024 HVS Takeaways: Upbeat, Optimistic, and an Eye on Innovation
Rod Clough | January 26, 2024
By Rod Clough, Marcus Lee, John Berean, Eric Guerrero, Alice Sherman HVS was a proud sponsor of this year’s ALIS conference, and both our HVS Los Angeles leader Kirsten Smiley and our HVS San Francisco leader John Berean moderated educational and engaging panels at the event. Given that hotel performance metrics remain strong in most markets and difficulties persist in the office and multi-family sectors, both investors and lenders are finding hotels to be a particularly attractive asset class for 2024. Sentiment at the ALIS conference was upbeat, with participants and analysts buoyed by the improved lending economics as of Q4...
Sacramento Growth Continues
Brandon Conner | December 11, 2023
By Brandon Conner, John Berean Situated between Sacramento’s Central Business District and River District, the 244-acre Sacramento Railyards is one of the nation’s largest urban infill projects and will nearly double the size of Downtown Sacramento upon completion. In August 2020, LDK Ventures broke ground on The A.J., a 345-unit residential complex and the first project within the Sacramento Railyards. The development is expected to feature 10,000 residential units, 1,100 hotel units, and several million square feet of office space. Other major projects within the Railyards may include an 18-acre Kaiser Permanente medical center ...
Slow but Steady Recovery for the Silicon Valley Lodging Market
John Berean | August 21, 2023
Trends in Remote Work and Layoffs Since the onset of the COVID-19 pandemic, Silicon Valley has experienced drastic changes including the shift to remote work policies, the exodus of several major companies, and the widespread layoffs in Q4 2022 and Q1 2023. The table below summarizes recent layoffs and remote work policies at major companies in Silicon Valley. Recent Layoffs and Remote Work Policies Source: TechCrunch On top of the shift in workforce policies, a number of major companies have relocated out of Silicon Valley in recent years. Oracle (NYSE: ORCL) announced in December 2020 that it will move its headquarters from...
Travel Trends and Supply Changes for the Hawaii Lodging Market
John Berean | May 10, 2023
By John Berean Hawaii enacted some of the strictest travel measures in the United States in response to the COVID-19 pandemic. A mandatory two-week quarantine was enforced in March 2020 for all travelers arriving to the Hawaiian Islands; this quarantine applied not only to out-of-state visitors, but also to local interisland travel. As a result, a majority of hotels and resorts suspended operations. In October 2020, a Safe Travels program was introduced, easing the quarantine for inbound travelers contingent upon a negative COVID-19 test result within three days prior to arrival. This policy, in addition to the outdoor living and lifest...
U.S. Hotel Development Cost Survey 2021-22
John Berean | February 25, 2022
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type. HVS has tracked hotel construction budgets throughout the United States since 1976. Download PDF - U.S. Hotel Development Cost Survey 2021-22...
COVID-19’s Impact on the Silicon Valley Lodging Market
John Berean | February 23, 2022
By John Berean, Noella Moon One of the main economic engines of the San Francisco Bay Area, Silicon Valley experienced tremendous growth during the last business cycle. Major companies such as Google, Apple, and Meta (formerly Facebook) have expanded their presence in recent years, which has historically translated to strong lodging performance. However, with the onset of the pandemic and a market-wide shift in policy toward remote working in 2020, hotels have been severely affected, particularly in terms of average rate. Moreover, the influx of new supply over the last several years has been significant, which has substantially heig...
COVID-19’s Impact on the San Francisco Lodging Market
John Berean | March 30, 2021
By John Berean Prior to the onset of COVID, San Francisco was amid a tech-driven renaissance that placed the city and the nine-county San Francisco Bay Area as one of the top-growing metro areas over the last decade. Similar to during the internet-driven dot-com boom of the late 1990s, the city experienced tremendous economic growth, resulting in strong hotel performance. Market occupancy exceeded 80% between 2012 to 2019, while ADR increased at a compound annual growth rate of 7% for the nine years between 2010 and 2019. By many metrics, 2019 was a record year for San Francisco. According to the San Francisco Travel Association (SF Tr...
