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Jan 23, 2015 HSMAI Tri-County Panel: Discover The Palm Beaches
- 1. Gustav Weibull Business Intelligence & Research Manager
- 2. PBC VISITATION 2 Source: TNS TravelsAmerica *DPBC Estimate, 2014 preliminary, 2015 forecasted
- 3. PBC VISITATION Source: Estimates are extrapolated from aggregate card usage data provided by VisaVue® Travel for 2013 and incorporate data from other independent research sources, such as TNS TravelsAmerica. Top Domestic Markets (Percent of Domestic Visitation) Top International Markets (Percent of International Visitation) 40% from Florida 33% from Super 8 3
- 5. PBC Hotel Performance Occupancy ADR/RevPAR 5 2014 PBC Hotel by Region Source: STR
- 6. PBC Hotel Performance Occupancy ADR/RevPAR 6 2014 PBC Hotel by Location Source: STR
- 7. PBC Hotel Performance PBC Occupancy (Group vs. Transient) ADR (Group vs. Transient) 7 PBC ADR 2013 - $146 2014 - $156 Source: STR
- 8. Confirmed Hotel Pipeline Rooms Completion Date Roger Dean Courtyard - Abacoa 128 Opened June 2014 Wyndham Harbourside - Jupiter 180 Opened Oct. 2014 Total Opened 2014 +308 Fairfield Inn Delray 95 Q1 - 2015 Holiday Inn Express Lantana 62 Q1 - 2015 Residence Inn Quadrille 170 Q1 – 2015 Marriott TownePlace Suites 108 Q4 – 2015 Hilton Convention Center Hotel 400 Q1 – 2016 Hyatt Place Boca Raton 200 Q3 – 2016 Total +1,035 Rooms Beyond 2016 (in Planning) +1,400 PBC Hotel Supply 8 PBC Hotel Rooms Source: STR, DTPB Business Intelligence
- 9. PBC Room Demand 9 (+4%) (+3%) Source of Data – STR; DTPB forecast based on STR, PKF and other data and research conducted by the DTPB Business Intelligence Department
Editor's Notes
- PricewaterhouseCoopers is forecasting a 3% growth in US hotel occupancy and a 10% increase in ADR by 2015. In Palm Beach County, where growth is typically faster than the US, room demand is expected to grow by 3.8% and ADR by 10%. This would put bed tax collections for the 2015 fiscal year at $34.3 million. With the new inventory coming online over the next few years room demand needs to outpace this new supply in order to grow hotel occupancy. Accounting for supply growth of 1.5%, hotel occupancy in PBC is expected to slow down to less than 1% over the 2014 and the 2015 calendar years. Competitive and targeted marketing deployment aligned with an approved tourism identity will be needed to address this supply surge as well as competition.
- PricewaterhouseCoopers is forecasting a 3% growth in US hotel occupancy and a 10% increase in ADR by 2015. In Palm Beach County, where growth is typically faster than the US, room demand is expected to grow by 3.8% and ADR by 10%. This would put bed tax collections for the 2015 fiscal year at $34.3 million. With the new inventory coming online over the next few years room demand needs to outpace this new supply in order to grow hotel occupancy. Accounting for supply growth of 1.5%, hotel occupancy in PBC is expected to slow down to less than 1% over the 2014 and the 2015 calendar years. Competitive and targeted marketing deployment aligned with an approved tourism identity will be needed to address this supply surge as well as competition.
- PricewaterhouseCoopers is forecasting a 3% growth in US hotel occupancy and a 10% increase in ADR by 2015. In Palm Beach County, where growth is typically faster than the US, room demand is expected to grow by 3.8% and ADR by 10%. This would put bed tax collections for the 2015 fiscal year at $34.3 million. With the new inventory coming online over the next few years room demand needs to outpace this new supply in order to grow hotel occupancy. Accounting for supply growth of 1.5%, hotel occupancy in PBC is expected to slow down to less than 1% over the 2014 and the 2015 calendar years. Competitive and targeted marketing deployment aligned with an approved tourism identity will be needed to address this supply surge as well as competition.
- PricewaterhouseCoopers is forecasting a 3% growth in US hotel occupancy and a 10% increase in ADR by 2015. In Palm Beach County, where growth is typically faster than the US, room demand is expected to grow by 3.8% and ADR by 10%. This would put bed tax collections for the 2015 fiscal year at $34.3 million. With the new inventory coming online over the next few years room demand needs to outpace this new supply in order to grow hotel occupancy. Accounting for supply growth of 1.5%, hotel occupancy in PBC is expected to slow down to less than 1% over the 2014 and the 2015 calendar years. Competitive and targeted marketing deployment aligned with an approved tourism identity will be needed to address this supply surge as well as competition.
- Currently 3,166 US hotel projects are in the works, according to the May 2014 STR Pipeline Report, totaling 381,291 rooms. That represents a 13.7 percent increase year-over-year. Palm Beach County’s steady growth to over 70% annual hotel occupancy has spurred tremendous interest in new hotel development. Within the next few years over 1,000 new hotel rooms, currently in construction, will be available in Palm Beach County. Another 1,400 rooms are either in the financing or planning stage, representing an 18% growth by 2020. This will put Palm Beach County room inventory at the highest level in over 20 years.
- Currently 3,166 US hotel projects are in the works, according to the May 2014 STR Pipeline Report, totaling 381,291 rooms. That represents a 13.7 percent increase year-over-year. Palm Beach County’s steady growth to over 70% annual hotel occupancy has spurred tremendous interest in new hotel development. Within the next few years over 1,000 new hotel rooms, currently in construction, will be available in Palm Beach County. Another 1,400 rooms are either in the financing or planning stage, representing an 18% growth by 2020. This will put Palm Beach County room inventory at the highest level in over 20 years.