joseph hansel
2021 HVS Lodging Tax Report – USA
Thomas Hazinski | September 14, 2021
By Thomas A. Hazinski, Joseph Hansel While the impacts of the COVID-19 pandemic on the lodging industry are ongoing, this tenth annual HVS Lodging Tax Study quantifies the revenue impact of the pandemic over the past year. An analysis of 25 major US markets shows losses totaling approximately $1.3 billion in 2020 from historical levels in 2019. HVS forecasts a loss of $1.45 billion in rooms revenue in 2021 from a baseline scenario with no pandemic. HVS also provides historical data on tax rates and the collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities. Intro...
Impact of Recent Federal Stimulus on the Travel Industry
Thomas Hazinski | February 15, 2021
By Thomas A. Hazinski, Joseph Hansel Introduction The COVID-19 crisis consumed the United States for approximately three-quarters of the past year. In December 2020, the U.S. Food and Drug Administration issued emergency use authorization for the Pfizer-BioNTech COVID-19 vaccine.[1] The development and distribution of an effective COVID-19 vaccine, alongside other public health measures, should allow us to combat the health effects of the global pandemic. With certainty coalescing around the health solutions to the pandemic, attention must turn to economic solutions. The economic impact of COVID-19 is seen in almost all economic indic...
2020 HVS Lodging Tax Report – USA
Thomas Hazinski | October 21, 2020
By Thomas Hazinski, Joseph Hansel While prior HVS annual lodging tax studies have looked back on tax rates and revenues across the United States, this ninth annual Lodging Tax Study also looks forward and assesses the impact of the COVID-19 pandemic. This analysis of 25 major US markets illustrates the depth of the impact on the hospitality industry and projects a pattern of recovery over the next few years. HVS also provides historical data on tax rates and the collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities. Introduction The COVID-19 pandemic has dealt a bigger blow to the...
Navy Pier Closure: A Cause for Concern?
Joseph Hansel | August 24, 2020
By Joseph Hansel On August 18th, Navy Pier Inc. (“NPI”) announced a temporary closure beginning September 8th—immediately following Labor Day weekend. Operations are intended to resume sometime in spring 2021. Suspending operations at Navy Pier not only stops visitation, but also the operation of the 70 businesses operating on the pier. Given Navy Pier’s cultural significance to the City of Chicago, such a closure is bound to draw questions about the future of all tourism amenities in the Windy City. HVS seeks to provide a quantified explanation of the effect of such a closure and what this may mean for tourist attractions in the n...
The Case for Targeted Federal Aid to DMOs and Tourism Agencies
Thomas A. Hazinski | June 4, 2020
By Thomas A. Hazinski, Joseph Hansel The COVID-19 pandemic has placed at risk the substantial investment of state and local governments in the tourism and hospitality industries. Publicly funded destination marketing organizations (“DMOs”), tourism agencies, and convention centers face budget shortfalls, staffing reductions, and growing financial uncertainty. Targeted federal aid is urgently needed to support DMOs, tourism agencies, and convention centers whose work is critical to the recovery of vital sectors of the US economy. Introduction The COVID-19 crisis has shined a spotlight on the importance of public sector investme...
HVS COVID-19 Impact on Lodging Tax Revenues
Thomas Hazinski | April 17, 2020
By Thomas A. Hazinski & Joseph Hansel HVS modeled the anticipated RevPAR declines during the COVID-19 pandemic. Based on patterns of recovery following the two most recent recessions, we projected the lodging tax revenues of 24 urban markets in the United States. Comparing these projections to a baseline scenario without the pandemic, HVS estimates combined losses of 24 major U.S. markets could range from $4.0 to $5.5 billion of lodging tax revenues. Lodging tax losses of this magnitude will force bondholders, destination marketing organizations, and other stakeholders to consider steps such as debt refinancing or seeking alternati...
2019 HVS Lodging Tax Report – USA
Thomas A. Hazinski | October 7, 2019
By Thomas A. Hazinski , Joseph Hansel State and local governments charge lodging taxes on the short-term stays at hotels, motels, bed-and-breakfasts, and other lodging accommodations. The rate of lodging taxes across the United States varies at a state, county, and city-level. Though the name of the tax may vary—lodging tax, transient tax, occupancy tax—the imposition of lodging taxes is a crucial funding source of revenue for a number of state and local governments. For example, average state lodging tax revenue grew at a rate of 2.92% from 2017 to 2018. Tax revenue from lodging comes from ad valorem lodging taxes and excise taxe...
