thomas hazinski
2024 HVS Lodging Tax Report – USA
Thomas Hazinski | September 24, 2024
Since room sales generate lodging tax revenues, an overview of hotel market trends provides a perspective on the industry's current and future fiscal impacts. While the negative impacts of the COVID-19 pandemic were unprecedented, as documented in our 2023 HVS Lodging Tax Study, nearly all lodging markets reached or exceeded pre-COVID average rates and revenue generation in 2022. The National Lodging Market has seen recent growth in occupancy, average daily room rates, and revenue per available room. The Average Daily Room Rate (“ADR”) represents the average revenue earned for each room rented in a hotel. Revenue per available room (“R...
2023 HVS Lodging Tax Report – USA
Thomas A. Hazinski | October 2, 2023
By Thomas Hazinski, Michael Ferguson Since room sales generate lodging tax revenues, an overview of hotel market trends provides a perspective on the industry's current and future fiscal impacts. While the negative impacts of the COVID-19 pandemic were unprecedented, as documented in our 2022 HVS Lodging Tax Study, nearly all lodging markets have reached or exceeded pre-COVID levels of revenue generation. Revenue per available room (“RevPAR”), the product of average daily room rate and occupancy rate, is a standard industry metric that combines the effects of occupancy and average daily room rate changes on hotel revenue performance. ...
The Transformation of Business Event Travel
Thomas Hazinski | May 4, 2023
By Thomas A. Hazinski HVS Convention, Sports & Entertainment and Access Intelligence recently surveyed more than 350 business travelers to gain insight into how their travel habits and attitudes have changed in the wake of the pandemic.[1] The survey reveals that there has been a significant shift in the behavior of business event attendees, including those who attend conventions, conferences, exhibitions, tradeshows, corporate events, and sales meetings. The survey results indicate that business travelers expect to attend significantly more in-person business events in 2023 than in 2022, with pandemic and health-related travel con...
2022 HVS Lodging Tax Report – USA
Thomas Hazinski | October 26, 2022
By Thomas A. Hazinski , Peter J. Gonzalez While the lodging industry is recovering from impacts of the COVID-19 pandemic, this twelfth annual HVS Lodging Tax Study quantifies the revenue impact of the pandemic over the past year. An analysis of 25 major US hotel markets shows that overall revenues have recovered to 2019 levels, but markets with high levels of leisure demand are faring better than those without. The lag in collections of lodging taxes will prolong the impact of the pandemic state and local government collection of the taxes. The report also provides historical data on tax rates and the collection and distribution of revenue f...
Quieting the Noise in Economic Impact Estimates
Thomas A. Hazinski | July 14, 2022
By Thomas A. Hazinski An assessment of the accuracy of traditional approaches to valuing the economic contribution of convention, sports, and entertainment venues reveals significant limitations of economic impact models that tend to produce noisy and sometimes biased estimates. Improved methodologies and the effective use of available data sources that address some of these limitations can provide more reliable estimates. Venue owners and destination market organizations need improved methodologies to estimate the return on public sector investment in capital improvements, marketing and sales, and venue operations. State and local gove...
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...
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...
