U.S. Hotel Development Cost Survey
HVS U.S. Hotel Development Cost Survey 2024
Luigi Major, MAI | August 19, 2024
By Luigi Major In 2023, the national lodging market continued to achieve high performance levels. While occupancy growth was minimal, compared to the level achieved in 2022, average daily rate (ADR) and revenue per available room (RevPAR) reached all-time highs. This robust performance reflects a strong recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. Data for 2024 illustrate that the hotel industry has continued to experience minimal improvements in key performance metrics. Despite occupancy remaining relatively flat, both ADR and RevPAR have shown continued growth thus far this year. These healthy...
HVS U.S. Hotel Development Cost Survey 2023
Luigi Major, MAI | July 27, 2023
By Luigi Major, MAI Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type. INTRODUCTION After reaching an all-time low in 2020, attributed to the impact of the COVID-19 pandemic, the national lodging market quickly rebounded to an all-time revenue per available room (RevPAR) high in 2022. While occupancy levels in 2022 remained below 2019 levels, ADR exceeded 2019 levels that year, propelled by a combination of inflation and a surge of leisure travel in the post-COVID-19 era. Dat...
U.S. Hotel Development Cost Survey 2021-22
John Berean | February 25, 2022
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type. HVS has tracked hotel construction budgets throughout the United States since 1976. Download PDF - U.S. Hotel Development Cost Survey 2021-22...
U.S. Hotel Development Cost Survey 2018/19
Luigi Major | September 23, 2019
By Luigi Major In 2018/19, the national lodging market continued to climb to new heights, albeit at a more moderate pace than in previous years. In 2018, hotels in the United States operated at the highest occupancy and average rates ever recorded, with both metrics registering additional growth during the year-to-date July 2019 period. While the pace of new hotel development and the entrance of new supply has remained tamed when compared with the previous cycle, this pace has been accelerating, as evidence by increases in supply in 2018 and 2019, as well as the number of hotel rooms under construction as of mid-year 2019. Through year-end...
