sebastian j colella
Boston & Cambridge Lodging Market Recovery to Gain Momentum in 2022
Sebastian J. Colella | February 24, 2022
By Sebastian J. Colella Despite a slow start to the New Year, the Boston & Cambridge lodging market should pick up speed as spring rounds the corner. Like many urban gateway cities, the market has struggled in its recovery from the negative effects of the pandemic. While leisure demand came roaring back once many of the government mandates and restrictions were lifted in the spring of 2021, corporate and group travel was hampered through much of the year. Furthermore, international travel was subject to federal travel restrictions preventing visitors from some of Boston’s largest feeder markets, specifically Canada and Europe. Despit...
The Boston & Cambridge Lodging Market’s Recovery Projected to Accelerate Into 2022
Sebastian J. Colella | August 4, 2021
By Sebastian J. Colella Despite uncertainties surrounding corporate travel and the return to the office, as well as the Delta variant and the potential for mask mandates and other state or federal restrictions, the Boston & Cambridge lodging market continues to climb a wall of worry. Driven primarily by domestic leisure travel, the market has experienced strong month-over-month gains in demand and average daily rate (ADR) since March. Although the market has experienced considerable gains the last three months it still lags the United States as a whole and almost every other top-25 market in recovering to pre-pandemic levels. Th...
Amidst Near-Term Headwinds, the Boston & Cambridge Lodging Market Awaits Recovery
Sebastian J. Colella | January 21, 2021
By Sebastian J. Colella The travel and leisure industry has finally wrapped up 2020; a year like no other, with hotels enduring devastating declines to demand and revenue, job losses across the industry, government restrictions to day-to-day business, and extreme levels of uncertainty. As the United States faces a growing number of COVID-19 cases, surpassing 20 million by year-end 2020, lodging markets across the country continue to face unprecedented declines in demand. The Boston & Cambridge lodging market’s demand, or occupied roomnights, declined approximately 68% in 2020 when compared to 2019. Following its worst performance on ...
Lodging Recovery in Boston & Cambridge Driven by Leisure Demand as Market Faces Increases to Supply
Sebastian J. Colella | November 17, 2020
By Sebastian Colella November 17, 2020 - As the United States faces a growing number of COVID-19 cases, surpassing 10 million in early November, lodging markets across the country continue to face unprecedented declines in demand. Through October, the Boston & Cambridge lodging market has experienced some of the steepest declines in demand and revenue across the country’s top-25 markets according to STR. Now operating in the winter season, historically the slowest demand period for the Boston & Cambridge market, increasing case numbers have resulted in further restrictions to travel, gatherings, and businesses which were eased o...
Boston & Cambridge Lodging Market: COVID-19 and Its Impact on Supply
Sebastian Colella | April 6, 2020
Pinnacle has revised projections for 2020 supply change in the Boston & Cambridge lodging market from +3.8% to now -14.4%. By Sebastian J. Colella Life across the United States has changed dramatically in the last four weeks. In Boston, and almost every other city in the country, hotel owners and operators have been forced to make the difficult decision to close temporarily while the country attempts to slow and contain the spread of COVID-19. In Massachusetts those decisions were partially made for them on March 31st. Governor Baker extended his order closing non-essential businesses in Massachusetts through May 4th. This exten...
The Boston Lodging Market: What the Supply Surge Means Moving Forward
Sebastian Colella | August 19, 2019
At year-end 2018, the Boston and Cambridge lodging market was comprised of 105 hotels with approximately 24,000 rooms. While this has grown considerably in four years, lodging supply in this market remains small relative to other major gateway cities. The ongoing building boom in Boston and Cambridge has contributed greatly to the recent surge in lodging supply and is expected to continue through 2021 and beyond. What does the pipeline of hotel development, its largest in recent history, mean for the Boston lodging market’s performance? Recent & Continued Supply Growth Between 2000 and 2014, rooms supply in market increased at ...
Boston Lodging Market’s Strong Performance Expected to Continue Through Fourth Quarter
Sebastian J. Colella | October 25, 2017
By Sebastian J. Colella Through the third quarter, revenue per available room (RevPAR) in the Boston and Cambridge lodging market has grown 2.8% over the same time last year and the remaining three months will only help boost this performance further. Although the market's RevPAR declined in 2016 for the first time in six years, market dynamics have improved to drive growth in both occupancy and average daily rate (ADR). The market has benefitted from a strong convention calendar with well-placed citywides, limited supply growth, and increases to both corporate and leisure demand. Year-to-date through September 2017, lodging supply has ...
Boston Lodging Market Poised for Continued Growth and Investor Appeal
Sebastian J. Colella | February 22, 2016
By Sebastian J. Colella The economy in Boston and Cambridge is driven by a diverse set of growth engines which have provided it with a level of stability through multiple recessions. While the city remains reliant on its traditional industries such as financial services, education and healthcare, it has also become a hub for innovation, technology, and life sciences, all of which drive corporate travel throughout the calendar year. The city's rich history, convention centers, amenities, and ease of access contribute to its ability to attract group and leisure travel. The Boston/Cambridge lodging market has now experienced six consecutiv...
