A couple of weeks ago HVS released their new US Hotel Development Cost Survey 2018/19, by Luigi Major. Here are five of our takeaways from the survey:
1. 2018 saw the highest occupancy and ADR ever recorded 2. The growth of the US GDP help generate increases in hotel demand 3. Material prices have increased nearly 10% YoY 4. Over the next 3 years, 65% of hotels opening will be Upper-Midscale or Upscale 5. The average development costs for Full Service hotels is $396,000!
Here's a link to the full report:
