Latest news with #hoteldevelopment
Hospitality Net
11 hours ago
- Business
- Hospitality Net
Hotel Market & Feasibility Studies: Connecting Vision with Viability in Untapped Markets
Since the COVID-19 pandemic, macroeconomic trends have helped breathe new life into secondary and tertiary hotel markets. The shift to hybrid and remote work, an increase in highway tourism, and a strengthening of the logistics and manufacturing sectors have supported a resurgence of leisure and commercial hotel demand in many small and medium-sized communities. These factors, among others, have generated interest in new hotel development in these areas, often by local municipalities and/or economic development organizations. However, these smaller markets often fly under the radar of well-established hotel development groups, many of which are facing significant headwinds from rising construction and capital costs in today's market. A hotel market or feasibility study can be a key tool in bridging the gap between these communities and developers, but the usefulness of such a study is highly dependent on the consultant's ability to understand the perspectives and motivations of both public and private interests. Balancing Local Lodging Needs with Hotel Development ROI In my numerous conversations with municipal stakeholders, I've found they often speak of a 'need' for hotel rooms, asking me to evaluate and quantify that need. This perception of 'need' is typically based on anecdotal observations of a lack of quality hotel rooms during periods of peak demand, such as special events or summer weekends. However, community residents and stakeholders do not often consider lodging demand during off-peak travel periods, such as a Tuesday night in January. On the other hand, one of the fundamental concerns of a private developer is the depth and diversity of hotel demand in a given market and its potential to support a profitable operation throughout the year. As a result, the concept of 'need' can be somewhat of a distraction, as it does not necessarily correlate to the viability of hotel development. Orienting the discussion and evaluation of a potential hotel development around its possible benefits, both to the local community and a potential developer, is the first step in bridging the gap between public and private stakeholders. The potential benefit to a private developer is the expected return on investment (ROI), a relatively straightforward metric to evaluate. As profit-oriented private business enterprises, hotel development firms actively seek out projects that will produce an adequate return for the work and risk required to undertake the development. In other words, a developer needs to know if the expected profitability of the hotel operation will justify the cost of construction, including the cost of debt and equity capital. From a municipal perspective, the benefits of a hotel may be less direct and tangible. Hotels generate a variety of direct taxes for a community, including property, sales, and occupancy taxes. They also accommodate visitors to the area who spend money at other local businesses. Additionally, hotels can serve as an amenity to residents and area businesses, allowing them to conveniently host visitors near their homes or offices. The Role of Incentives Numerous hotel development groups throughout the country are actively searching for their next projects. There is a high likelihood that these private developers are already involved in most communities with strong enough lodging demand to produce adequate returns on new hotel development. There are also many other communities that could support profitable hotel operations but not a strong enough ROI level to entice private development. In these locations, many municipalities attract hotel development by offering development incentives to offset project costs and/or improve operational profitability. The same factors come into play in markets where private development is targeting a different hotel class or product type than what would most benefit the community. These incentives frequently include the following: — Source: HVS The potential impact of incentives can be evaluated by comparing the stabilized profitability and cost of a proposed project under both a private development scenario and an incentivized scenario. This is illustrated in the following table, which shows two proformas for a hypothetical select-service hotel development under these different scenarios. — Source: HVS Without incentives, the project would produce a capitalization rate below 7.0%, which would not meet investor return expectations in most markets. However, an abatement of property taxes on the improvements and a partial rebate of sales and/or transient occupancy taxes would increase the cap rate above 8.0%, resulting in an attractive investment. Let Market Intelligence Guide Your Community's Next Hotel Project From a municipal standpoint, adding new hotel rooms to an area may attract and accommodate additional visitors during peak periods, but they may also cannibalize demand from other hotels in the same market during off-peak periods, negatively impacting tax revenue from those properties. In order to accurately assess potential benefits of a hotel development for a community, it is important to focus on net new demand to the market as the driver for tax growth, not just the anticipated performance of the newly constructed property. Additionally, the quality and scope of hotel facilities should be evaluated in relation to the needs and desires of community stakeholders to ensure the incentivized project is truly providing community benefits. In order to properly examine these potential benefits to a community, as well as the return on investment for a private developer, a hotel market and feasibility study should thoroughly evaluate the nature of hotel supply and demand in the local market, in addition to the performance, profitability, and return on investment for an individual proposed hotel project. When the perspectives and motivations of both public entities and private developers are addressed, such a study can serve as a key tool in bridging the gap between private and public stakeholders to support mutually beneficial hotel developments. At HVS, we turn data into powerful insights that drive your success. Our unique methodology involves conducting primary interviews within local markets, capturing real-time insights and data. This ensures a deep understanding of each market we operate in to give you a distinct competitive edge. When you partner with HVS, you gain access to the most current data, unlocking the nuances of local dynamics and empowering you to make confident, strategic decisions. For more information about a new hotel development in your market, or for assistance in making investment decisions that align with your specific goals and risk tolerance, we invite you to reach out to Dan McCoy, MAI.
Hospitality Net
a day ago
- Automotive
- Hospitality Net
IHG Hotels & Resorts continues expansion in India with a new Holiday Inn Express signing
Holiday Inn Express & Suites Pithampur, Madhya Pradesh will cater to growing demand from the region's thriving industrial and automotive sectors. IHG® Hotels & Resorts, one of the world's leading hotel companies, has signed a management agreement with Kevit Retreats Private Limited for the development of Holiday Inn Express & Suites Pithampur. Scheduled to open in the first quarter of 2028, the hotel reflects the brand's strategic focus on growing in high demand markets and bridging the gap for quality branded hospitality in secondary markets in India. Holiday Inn Express®, IHG's largest and fastest-growing hotel brand with over 3,200 hotels worldwide, is designed to keep travel simple and smart. The brand continues to be the first choice for a growing number of travellers seeking a convenient, engaging place to rest, recharge and work. Focused on delivering more where it matters most, Holiday Inn Express offers streamlined service, modern design and comfortable accommodation at every stage of the journey. With the introduction of its future ready Generation 5 concept, the brand is elevating the guest experience through flexible design and exceptional value, further reinforcing its position as a category leader across EMEAA. Located in Pithampur, part of the rapidly expanding Indore Metropolitan Region, Holiday Inn Express & Suites Pithampur will be part of a large-scale mixed-use development comprising industrial, logistics, and warehousing facilities. This prime positioning will allow the hotel to cater to a diverse and growing base of business travellers visiting the region's industrial and automotive clusters. The hotel will feature 150 well-appointed rooms, two dining options, modern meeting spaces, a fitness centre, and ample parking, offering guests a smart, comfortable, and efficient stay experience. Located in Madhya Pradesh, Pithampur is recognized as one of central India's leading industrial zones, housing a dense concentration of major automobile and pharmaceutical companies. It is also home to NATRAX, one of Asia's largest automotive testing facilities, which attracts a wide range of automotive professionals and industry stakeholders. Additionally, Pithampur features India's first greenfield Special Economic Zone (SEZ), further reinforcing its position as a high-potential business hub. These key developments serve as major demand drivers for quality hospitality infrastructure, making the location well-suited for a globally recognized hotel brand. IHG® currently has 50 hotels operating across six brands in India, including Six Senses, InterContinental Hotels and Resorts®, Crowne Plaza®, voco™ Hotels, Holiday Inn Resort® and Holiday Inn Express®, and a strong pipeline of 63 hotels due to open in the next 3-5 years. Hotel website
Skift
4 days ago
- Business
- Skift
19 New Southern U.S. Meeting Venues
From modern convention centers to luxury hotels, the South is leading the way in new properties. According to the latest United States Construction Pipeline Trend Report from Lodging Econometrics, the three fastest-developing cities for hotel development are in the South: Dallas with 204 projects (23,669 rooms), Atlanta with 168 projects (19,431 rooms), and Nashville with 130 (17,029 rooms) The types of venues being built and undergoing renovations run the gamut from convention centers (Broward County Convention Center in Fort Lauderdale, FL and the Savannah Convention Center in Savannah, GA) to gaming properties (Caesars Virginia in Danville, VA, the Coastal Convention Center at the Fontainebleau Miami Beach, and Live! Casino & Hotel in Shreveport, LA). Luxury entries abound, from chains including Salamander, JW Marriott, Fairmont, and LeMeridien. Explore 135 exceptional new properties hand-picked for meeting and incentive planners Here's what's new in the Southern U.S., and take a look at our just-released report on 135 hotels for meetings and incentive travel here. 1. Caesars Virginia Danville, VA Caesars Virginia features a 320-room hotel with more than 50,000 square feet of meeting and convention space. The property's main ballroom measures 29,150 square feet and can accommodate 2,500 attendees in theater style. It can be split into a maximum of eight rooms, with a small boardroom also available, along with three pre-function areas and one terrace. The newly constructed $650 million resort and casino offers multiple dining options, a full-service spa, pool, and shopping experiences. 2. Coastal Convention Center at Fontainebleau Miami Beach Miami, FL The Coastal Convention Center at Fontainebleau Miami Beach opened in December 2024 offering 45,000 square feet of event space including a 16,500-square-foot ballroom, which can hold up to 1,380 in theater style. The venue also offers a 9,500-square-foot junior ballroom and a 7,000-square-foot rooftop deck. The connected Fontainebleau Miami Beach offers 1,504 guest rooms, 200,000 square feet of event space, 10 dining options, pools, wellness facilities, and multiple entertainment options. 3. Delano Miami Beach (Renovation) Miami, FL After extensive renovations, Delano Miami Beach will reopen in late 2025. It will feature 171 guest rooms and numerous dining and retail options. Other amenities include a wellness studio and spa, a ground-floor pool, a new beachfront deck, and an additional pool on the fourth floor. While specific details have not yet been disclosed, the renovations will include exclusive areas for meetings and events. 4. Fairmont New Orleans New Orleans, LA Opening in the summer of 2025, Fairmont New Orleans is returning to New Orleans as part of a redevelopment of the 1010 Common Street building, the former Bank of New Orleans Building. The 250- room hotel will feature 20,000 square feet of event space including ballrooms, meeting rooms, a library and a business center. The hotel will offer three food and beverage options, a 10,000-square-foot spa, a rooftop bar, and a speakeasy overlooking the swimming pool with city views. 5. InterContinental San Antonio Riverwalk San Antonio, TX InterContinental San Antonio Riverwalk is a centrally located luxury hotel one mile from the Henry B. Gonzalez Convention Center and steps away from the city's River Walk. The 390-room hotel features over 18,000 square feet of meeting and event space, including a 8,200-square-foot ballroom, and 10 meeting rooms. Additional amenities include four on-site dining venues, a rooftop pool, a lounge, and direct access to a water taxi landing zone 6. JW Marriott at Reston Station Reston, VA The JW Marriott at Reston Station is scheduled to open in mid-2025 and is the brand's first property in Virginia. Standing more than 25 stories high, the 243-room hotel will have 35,000 square feet of meeting and event space, including a large ballroom with an outdoor veranda. The hotel will also offer a fitness center, garage parking with 24/7 valet service, and a JW executive club offering private outdoor terraces and a boardroom. 7. Le Méridien Washington, D.C., The Madison (Renovation) Washington, D.C. Washington's historic hotel, The Madison, is now the Le Méridien Washington, D.C., The Madison. It reopened in September 2024 following a $15 million redesign. One of the 356-room hotel's unique features is its close proximity to the White House and National Mall. Meeting space includes a ballroom with capacity for 500 in a reception or 300, theater style, and a total of 16 separate event spaces. Amenities include three dining options and a fitness center 8. Live! Casino & Hotel Louisiana Shreveport-Bossier, LA Live! Casino & Hotel Louisiana is a $270+ million resort and casino in Shreveport-Bossier. The 549-room property features 25,000 square feet of customizable event space including a performance stage, ballroom, multiple breakout rooms, a pre-function space, and an executive boardroom. The resort also offers more than 47,000 square feet of gaming space, a pool, fitness center, live entertainment and nightlife venues, and numerous dining options. 9. Margaritaville Hotel Kansas City Kansas City, KS Scheduled to open in spring 2025, Margaritaville Hotel Kansas City is a $150 million project located in Western Wyandotte County. The 229-room resort will feature 13,000 square feet of event space across eight rooms with adaptable layouts, the largest of which can hold up to 380 guests. The property will offer Margaritavill-einspired restaurants and bars, indoor and outdoor pools, a fitness center, and a rock-climbing wall. 10. OKANA Resort & Indoor Waterpark Oklahoma City, OK OKANA Resort & Indoor Waterpark is a newly opened, 404-room resort in Oklahoma City. Event space includes two ballrooms accommodating 780 guests and 547 guests in theater style. Four breakout rooms and two smaller boardrooms are complemented by a 1,500-seat amphitheater and an event lawn. The resort's main feature is its 100,000-square-foot indoor waterpark. It also offers 13 different eateries, a spa, and a fitness center. 11. Omni Fort Lauderdale Hotel Fort Lauderdale, FL Set to open in late fall 2025, Omni Fort Lauderdale Hotel is directly connected to the Broward County Convention Center. It will offer over 120,000 square feet of flexible meeting space, including ballrooms, pre-function areas, and smaller meeting rooms. The hotel features six dining venues, a rooftop lounge, pool deck, and spa. It is ideal suited for planners needing a mix of onsite meeting space with access to over 1.2 million square feet at the adjacent convention center. 12. Opal Sol Clearwater, FL Opal Sol opened in February 2025 featuring 248 guest rooms and 57,000 square feet of indoor and outdoor event space, including an 8,800-square-foot ballroom that can accommodate 950 in theater style. Three outdoor spaces complement the total of 10 event spaces. Next door and connected via a skybridge, the older Opal Sands offers 230 guest rooms and more than 49,000 square feet of indoor and outdoor event space. There are 10 dining venues between the two properties on offer for all guests. 13. Palmetto Marriott Resort & Spa Palmetto, FL Palmetto Marriott Resort & Spa is a 252-room hotel which opened last summer that offers 9,000 square feet of indoor event space including a ballroom capable of hosting 936 guests in theatre style. The property also connects with the 40,000-square-foot Bradenton Area Convention Center, which is currently undergoing a $50-million renovation scheduled for completion in 2026. The property features two pools, a spa, a fitness center, beach volleyball and pickleball courts, and five dining options. 14. Salamander Washington, DC (Renovation) Washington, D.C. The centrally located Salamander Washington DC, is near the Walter E. Washington Convention Center, Wharf dining and entertainment, and within walking distance of the National Mall. The newly renovated hotel offers 373 rooms with monument views, a new two-floor spa, a renovated club lounge, and 36,000 square feet of indoor/outdoor event space, including two ballrooms, garden rooms, and a grand lawn. 15. Santo Kimpton Hotel San Antonio, TX The Santo Kimpton Hotel opened in downtown San Antonio in the summer of 2024. The 347-room property is within walking distance of the Henry B. Gonzalez Convention Center and San Antonio River Walk. It offers more than 13,000 square feet of event space, including two divisible ballrooms, the largest of which can hold almost 600 guests in theater style, as well as five meeting rooms. The hotel offers one restaurant, one bar, and a rooftop pool and lounge. 16. Savannah Convention Center (Expansion) Savannah, GA Located across the river from downtown Savannah, the Savannah Convention Center recently unveiled its $276 million expansion that doubled the exhibit space to 200,000 square feet and added a new 40,000-square-foot ballroom with riverfront views. The venue's total event space has doubled, bringing it to 660,000 square feet. Other enhancements include a 58-foot-wide hangar door for oversized exhibits, floor-to-ceiling glass facades, and an adjacent ferry link to historic downtown. 17. The Cooper Charleston, SC Opening in 2025, The Cooper is a 196-room hotel on Charleston's waterfront, adjacent to Waterfront Park. It offers 20,000 square feet of indoor and outdoor event space, including a grand ballroom and conference areas. The design reflects the city's French Quarter aesthetic. Amenities include a full-service spa, fitness center, rooftop infinity pool, five restaurants, and access to a private marina with multiple yachts, providing planners with flexible options for both meetings and social events. 18. The St. Regis Longboat Key Sarasota, FL The St. Regis Longboat Key Resort is on Sarasota's barrier island across 18 beachfront acres. The resort opened in August 2024 with 168 guest rooms and 31,320 square feet of event space, including a ballroom capable of hosting 600 guests. It offers 800 feet of private beach access, six dining venues, a 20,000-square-foot spa and a lagoon showcasing the tropical aquatic environment. Guests can also enjoy the services of a dedicated Pool Butler, who is ready to assist both in and out of water. 19. Disney World Swan and Dolphin (Expansion) Orlando, FL In 2024, the Walt Disney World Swan and Dolphin announced a $275 million expansion project that will bring the total meeting space between its three buildings — the Swan, Dolphin, and Swan Reserve — to 469,000 square feet, including more than 349,000 square feet of indoor event space. Along with its 2,619 guest rooms the properties offer 99 meeting rooms (including six ballrooms), 110,500 square feet of contiguous exhibit space, and multiple outdoor function areas.
Hospitality Net
27-05-2025
- Business
- Hospitality Net
Vision Hospitality Group Breaks Ground on Dual-Brand Home2 Suites and Tru by Hilton in Chattanooga/Lookout Valley, Tenn.
Vision Hospitality Group, Inc., a Chattanooga-based hotel development and management company, has officially broken ground on the new dual-branded Home2 Suites by Hilton and Tru by Hilton Lookout Valley in Chattanooga, Tenn. Construction is now underway, with an expected opening in the Fall of 2026. The hotel will be key component of a newly planned 10-acre, mixed-use master development, also being developed by Vision. In addition to the hotel, the development will feature nationally recognized restaurants and retail concepts creating a vibrant destination for both locals and visitors. Strategically located with direct access to Interstate 24, the property is just minutes from downtown Chattanooga and scenic Lookout Mountain - positioning it as an ideal location for both business and leisure travelers. The property will feature 150 guest rooms (82 Home2 Suites/68 Tru by Hilton). The hotel is designed to meet the needs of both extended-stay and transient guests, combining the comfort and flexibility of an all-suite concept with the efficiency and vibrant style of a select-service model. Together, these brands offer a compelling hospitality experience tailored to today's diverse travelers. Guest amenities will include an expansive, resort-style outdoor aquatic recreation area with a freeform pool, in-water sun shelf, water features and slide, creating a relaxed atmosphere for families. The space also will offer a poolside bar with lounge seating, grilling stations and fire pits. Inside, guests can enjoy a lively lobby bar with a gaming area, a modern fitness center, enhanced complimentary breakfast offerings and on-site laundry facilities. For more information and future updates on the Lookout Valley project, please visit
Hospitality Net
23-05-2025
- Business
- Hospitality Net
New 113-Room Hotel & 1.75-Acre Restaurant Pad Coming to Lynchburg
Daly Seven, a leading hotel developer and operator in the Southeast, is excited to announce the development of a new Holiday Inn Express & Suites and an adjacent restaurant outparcel in Lynchburg/Campbell County, Virginia. The 113-room hotel is currently under construction at 15241 Wards Road, Lynchburg, Virginia. The new hotel replaces the existing Holiday Inn Express on Seminole Avenue, and is scheduled to open in Fall 2026. The new Holiday Inn Express & Suites will offer guests the comfort, value, and consistency travelers expect from the IHG brand, including complimentary hot breakfast, a fitness center, and modern, well-appointed rooms. The hotel is designed to serve both business and leisure travelers visiting Liberty University, Centra Health, and the greater Lynchburg area. As part of the development, Daly Seven is also offering a 1.75-acre pad-ready restaurant outparcel, positioned at the front of the hotel site along the high-traffic Wards Road corridor, which sees over 40,000 vehicles daily. This site offers an exceptional opportunity for a fast-casual or full-service restaurant to serve a built-in customer base of hotel guests, Liberty University's 20,000+ undergraduate students, and local residents. The hotel and restaurant will complement the surrounding commercial district, which includes the newly renovated Hampton Inn & Suites Lynchburg, newly renovated SpringHill Suites by Marriott Lynchburg, and Chili's. Together, these properties will contribute to a welcoming and convenient retail corridor at the southern entrance to Liberty University on Liberty Mountain Drive. Parties interested in the restaurant outparcel ground lease opportunity should contact Noel Anderson at (919) 872-3507 or [email protected]. Media Contact: Noel Anderson at (919) 872-3507 or [email protected] Hotel website
