marc greeley
The Dynamic Demand Base Powering the Knoxville Lodging Market
Marc Greeley | April 8, 2024
By Marc Greeley Knoxville’s prime location, unique blend of attractions, academic institutions, and natural beauty has always made it a popular destination for tourists and business travelers. The city’s proximity to the Great Smoky Mountains National Park has benefited the market and region, as this is the most visited national park by a significant margin. Historically, the market mirrored many college towns, with a sturdy base of corporate demand fueled by businesses associated with and benefiting from the University of Tennessee, Knoxville. But over the last several years, growth at the university, the city’s location as a con...
New Memphis Hotels Raise the Bar for Rate While Extending Occupancy Recovery
Marc Greeley | October 30, 2023
By Marc Greeley The last eight years were an active period for Downtown Memphis hotel development. Prior to 2015, no new hotels had opened in Memphis since 2010, most of which were in the midscale or upper-midscale chains. Beginning in 2015, Memphis experienced notable supply growth, and although some of this development was in suburban areas, several new downtown hotels opened between 2015 and 2019, including the Hilton Garden Inn; Central Station Hotel, Curio Collection by Hilton; Moxy Hotel; and ARRIVE Memphis. Moreover, during this period, some existing hotels were renovated and repositioned to higher-tier products, including the ...
Nashville Q2 2023 Lodging Update
Marc Greeley | April 10, 2023
By Marc Greeley Nashville hotels recovered substantially over the last twelve months, as corporate and meeting and group demand bounced back in 2022 following slower growth in the year prior. In the same period, ADR reached unprecedented peaks across the Nashville market, buoyed by less price sensitivity among travelers and new luxury hotels, the latter becoming a strong focus for investors. Moving forward, rate growth will likely moderate, as negotiated group and commercial rates normalize overall rate levels; however, as the rate ceiling continues to rise and demand returns, hoteliers are unlikely to discount rates. Nashville 2023–2...
