Integra Realty Resources Shares Real Estate Projections for the U.S. Hospitality and Hotel Sectors
Julie Fugitt-Schultz, Co-Leader of Integra Hotels Specialty Practice Group, Presents National Survey Findings in New Webinar
The U.S. hospitality sector has a significantly higher risk profile as compared to the majority of other property types, both in terms of depth of impact from COVID-19 and length of recovery period, according to a new survey conducted by Integra Realty Resources (IRR), one of North America's largest independent commercial real estate valuation and consulting firms.
Julie Fugitt-Schultz, CCIM, Co-Practice Leader of Integra's Hotels Specialty Practice Group, presents these findings, along with an in-depth dive into the hospitality sector in a newly released, free webinar that can be accessed by visiting www.irr.com/news/COVID19
In the presentation, Fugitt-Schults provides a broad overview of market sentiment from IRR's National COVID Real Estate Impact Survey regarding the hospitality sectors' risk level relative to other property types, followed by a US Economic Outlook specifically as it relates to Unemployment and GDP projections, and how local economies could be impacted by the timing of and level of lifting travel restrictions. She discuss expectations for short-term revenue loss and the impact on hotel values based on market surveys, which provide a basis for hypothetical best- and worst-case valuation forecasts, keeping in mind the degree of vulnerability is contingent upon factors such as location and property class, and repricing risk. Finally, she discusses the impact of COVID-19 on supply and demand.
IRR's COVID Real Estate Impact Survey, conducted between March 31 and May 1, 2020, is ongoing and consists of IRR professionals in more than 60 markets across the country interviewing market participants including developers, property managers, owners, investors, mortgage brokers, real estate brokers and lenders to assess the current and anticipated real estate impacts of COVID-19. To view current survey results, visit www.irr.com/research
In addition to her role as National Co-Practice Leader of IRR's Hotels Specialty Practice Group, Fugitt-Schultz serves as Director of Hospitality Valuation of the IRR-Memphis/Jackson office. She brings more than 20 years of industry experience. Prior to joining IRR, Fugitt-Schultz served as Vice President of JLL, where she focused on appraisals, market studies, and consulting assignments nationwide. Notable valuation assignments include The Drake Hotel, an iconic Chicago, Illinois landmark hotel with 535 luxury guest rooms; The Peter Island Resort and Spa, a five-star, luxury resort in British Virgin Islands featuring 55 deluxe beachfront rooms and villas; and the Ritz Carlton Hotel and Residences, a luxury five-star, 13-story resort located on Key Biscayne island in Florida, featuring 450 guest rooms.
For more information on IRR-Hotels, please visit www.irr.com/hotels