Hospitality Market Report | 2014 Charleston Commercial Market Forecast
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2014 Charleston Commercial Market Forecast - Hospitality market report presented by Michael Tall President & Chief Operating Officer, Charlestowne Hotels
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Hospitality Market Report | 2014 Charleston Commercial Market Forecast
- 1. www.CharlestonCommercialMarketForecast.com Commercial Real Estate Market Forecast October 8, 2014 | Daniel Island Club
- 2. www.CharlestonCommercialMarketForecast.com AND POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHT NE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMA ULATION ROOM RATES INTERNET PUBLIC RELATIONS SOUTHERN CHARM BEACH HISTORIC RICT NORTH CHARLESTON SUMMERVILLE DEMAND POPULATION GROWTH RENTAL RATES NCY INTERNET MT. PLEASANT CULTURE DEMAND POPULATION GROWTH CORPORATE RAT UPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AND VISIT AU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBLIC RELATI HERN CHARM BEACH HISTORIC DISTRICT NORTH CHARLESTON SUMMERVILLE DEMAND ULATION GROWTH RENTAL RATES VACANCY INTERNET MT. PLEASANT CULTURE POPULATIO WTH CORPORATE RATES OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERAT VENTION AND VISITORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RA RNET PUBLIC RELATIONS SOUTHERN CHARM BEACH HISTORIC DISTRICT NORTH CHARLESTO MERVILLE DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET MT. PLEAS URE DEMAND POPULATION GROWTH CORPORATE RATES OCCUPANCY INTERNET NON-STO HTS CUISINE TOUR OPERATORS CONVENTION AND VISITORS BUREAU SPOLETO NEW HOTE AND POPULATION ROOM RATES INTERNET PUBLIC RELATIONS SOUTHERN CHARM BEACH ORIC DISTRICT NORTH CHARLESTON SUMMERVILLE DEMAND POPULATION GROWTH RENT S VACANCY INTERNET MT. PLEASANT CULTURE DEMAND POPULATION GROWTH CORPORA S OCCUPANCY INTERNET NON-STOP FLIGHTS CUISINE TOUR OPERATORS CONVENTION AN ORS BUREAU SPOLETO NEW HOTELS DEMAND POPULATION ROOM RATES INTERNET PUBL
- 3. www.CharlestonCommercialMarketForecast.com Hospitality & Tourism Update Michael Tall President & COO mtall@charlestownehotels.com (843) 422.3851
- 4. www.CharlestonCommercialMarketForecast.com Numerous Mentions in Highly Acclaimed Publications
- 5. www.CharlestonCommercialMarketForecast.com YOY Occupancy Growth 2011 2012 2013 (YTD) 2014 Charleston 1.4% 0.8% 2.1% 4.2% United States 4.4% 2.5% 1.5% 3.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%
- 6. www.CharlestonCommercialMarketForecast.com YOY ADR Growth 2011 2012 2013 (YTD) 2014 Charleston 3.4% 6.0% 4.1% 6.2% United States 3.7% 4.2% 3.9% 4.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%
- 7. www.CharlestonCommercialMarketForecast.com Year-Over-Year RevPAR Growth 2011 2012 2013 (YTD) 2014 Charleston 5.0% 7.4% 6.0% 10.4% United States 8.2% 6.8% 5.4% 7.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
- 8. www.CharlestonCommercialMarketForecast.com Average Tourist Expenditures Accommodations $103 Dining/Food $58 Local Transportation $38 Tours/Attractions $37 Shopping $46 Other $18 $227 Per Visitor Per Day
- 10. www.CharlestonCommercialMarketForecast.com New Inventory - Peninsula Expected Completion 2015 Calhoun Hotel – 50 Rooms Grand Bohemian – 50 Rooms Hyatt House – 113 Rooms Hyatt Place – 191 Rooms King Hotel – 54 Rooms Restoration on King Hotel – 36 Rooms The Spectator Hotel – 41 Rooms Expected Completion 2016 Hotel Dewberry – 155 Rooms Hotel (Marion Square) – 185 Rooms Hotel (Meeting/Reid Streets) – 138 Rooms Expected Completion 2017 Aloft/Element Hotel - 174
- 11. www.CharlestonCommercialMarketForecast.com New Inventory - Charleston Area Expected Completion 2014 Hilton Garden Inn – 130 Marriott Courtyard – 93 Rooms Expected Completion 2015 Marriott Residence Inn – TBA Expected Completion 2016 The Dorchester Hotel – 66 Rooms Hotel Use (TBA) Hampton Inn – Crosstown Area Hotel at SC Aquarium – Calhoun Street Holiday Inn Express – IOP Connector Hotel Use - Patriot’s Point Hotel Use - Calhoun & Meeting
- 12. www.CharlestonCommercialMarketForecast.com Forecast 2014 2015 Charleston Peninsula Occupancy 80.5% 80.1% ADR $188.72 $194.17 Charleston County Occupancy 74.5% 74.7% ADR $136.66 $143.49
- 13. www.CharlestonCommercialMarketForecast.com Michael Tall President & COO mtall@charlestownehotels.com (843) 422.3851