U.S. Hotel Market May Not Recover Until Late 2021 or Early 2022, According to Integra’s Newly Released Hospitality Market Report
Integra Realty Resources (IRR), one of North America's largest independent commercial real estate valuation and consulting firms, has released its Mid-Year U.S. Hospitality Report-a supplemental update to its flagship Viewpoint 2020 report released in January.
According to the report, the U.S. Hospitality Market may not recover until late 2021 or early 2022. Julie Fugitt-Schultz, CCIM, Director Hospitality Valuation for Integra Realty Resources and National Practice Leader of Integra Hotels - Specialty Practice Group, adds, "It's no secret the U.S. Hotel Market has taken a significant hit, however a positive recent development is consumer sentiment rebounded in June with Recent Travel Sentiment data mirroring this uptick. Consumer spending and leisure room night demand increased thanks to pent-up consumer demand combined with lower gas prices and safety perceptions of ‘drive-to' destinations. Overall, we expect leisure demand to be the first to exhibit post-recession recovery, followed by a slower return of corporate transient and corporate group demand."
For more insight into the U.S. hospitality market, download this comprehensive report for free at www.irr.com/research
Integra Hotels is IRR's hospitality specialty practice group, offering valuation services for lending, market/feasibility studies, insurance appraisals, and litigation support. Over the past 36 months, IRR has completed 2,500 hospitality assignments nationwide, totaling more than $25 billion in asset value, ranging from small, independently owned bed and breakfasts, to major luxury hotel brand portfolios. For more information on Integra Hotels, please visit www.irr.com/hotels