Joseph Pierce
2023: A Year of New Challenges and Opportunities for Hoteliers
Joseph Pierce | December 20, 2023
By Joseph Pierce, MAI The hotel industry has moved on from many challenges that have plagued it since the COVID-19 pandemic, but new challenges and opportunities have presented themselves in 2023. Carrying on from 2022, markets continue to deal with the highest cost of debt in decades, but the fear of a recession has receded, and the possibility of a “soft landing” from 40-year high inflation growth may be a reality. The industry remains flexible to the needs and desires of guests and continues to pivot to meet the challenges of the future. H&LA’s consultants have worked on many assignments in 2023, bringing with them the oppo...
Top Concerns and Trends for Hoteliers in 2022
Joseph Pierce | December 20, 2022
By Joseph Pierce As we get ready to flip the calendar to a new year, we are reflecting on the hospitality industry in 2022, which has proven to be a dynamic and interesting year. Many of the challenges that plagued the industry in 2021 still exist but in many instances to a lesser extent. By year-end new challenges such as the highest inflation rate in 40 years and the fear of a recession have started to have an impact. But the industry remains flexible to the needs and desires of the guest and continues to pivot to meet the challenges of the future. H&LA’s consultants have worked on many assignments in 2022, bringing with them th...
What Drove Hotel Values to Decline in 2020?
Joseph Pierce | March 3, 2021
By Joseph Pierce The once-in-a-century pandemic has caused hoteliers to endure a firestorm that decimated the hotel and leisure industries. The growing COVID-19 cases across the U.S., as well as government restrictions on travel that further stress demand, continue to leave the hotel industry significantly behind pre-pandemic levels in terms of revenues, profitability and valuations. Gateway cities such as New York, Chicago, and Los Angeles are experiencing some of the highest delinquencies in the nation as international travel and tourism in the U.S. remains at a near standstill. Other markets, such as Houston, have been especially ...
Hotel Market in Grand Rapids Continues to Boom
Joseph Pierce, MAI | July 1, 2019
By Joseph Pierce, MAI Michigan’s economy is growing again, and Grand Rapids is leading the way. Since 2009, Grand Rapids has had the fastest growing regional economy in the state, increasing 29.2% to $58 billion, according to Michigan-based Bridge Magazine. The Metro Grand Rapids area has also been recognized as one of the fastest growing economies in the country. Headlight Data ranked Grand Rapids the 7th fastest growing economy in the U.S., based on Gross Regional Product (GRP) over the previous five years. All of this is good news for the thriving Grand Rapids hotel market. According to Experience Grand Rapids, the area’s officia...
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...
Public-Private Partnerships by Joseph Pierce
Joseph Pierce | May 26, 2015
Public-private partnerships (P3) have long been an economic development tool in the hospitality industry, but post-recession they have become more commonplace. A solid supply of quality hotels and leisure opportunities can improve a market's stock as a go-to destination and provide substantial long-term and short-term economic benefits - not only to the developer and the city, but also to the city's existing businesses and residents. Economic impact is generated by the facility's construction, permanent and temporary job creation, tax receipts, demand for goods and services, and increased visitation and spending. While there is an upsid...
