portland hotel market
Resilience Renewed: The Transformation of Portland’s Hotel Market
Eileen Bosworth | January 10, 2024
By Eileen Bosworth In 2023, Portland's hotel demand faced setbacks from public safety concerns and absorption of new hotel supply. However, initiatives like the Hotel Security District and a government task force addressing homelessness signaled change. The opening of the Ritz-Carlton Hotel & Residences and several upcoming events contribute to a cautiously optimistic 2024 outlook. Although Portland hoteliers’ hopes for 2023 were high due to a more robust convention calendar at the Oregon Convention Center (OCC) and a positive outlook for leisure demand in the summer, the year was challenging for the metro area. The difficulties...
Supply-Induced Hotel Demand in Portland, Maine: An HVS Case Study
Erich Baum | February 8, 2018
By Erich Baum Portland, Maine, is the northernmost outpost of the Atlantic Seaboard, host to a six-month winter and minor league hockey. A small, third-tier city, with steady but slow economic growth, Portland's downtown hotel inventory recently grew from five to ten properties over a six-year period. Why did developers and loan underwriters think there was enough demand potential to support approximately 1,000 new rooms, a 127% increase? Because it could, evidently. Credit goes to induced demand. Downtown Portland Lodging Market Trends The following table details key rooms-revenue metrics for Downtown Portland between 2013 and 2016. Do...
