IRR-Boise Mid-Year Viewpoint 2015 Local Market Report - Lodging
The Boise MSA lodging market continues to fare well, driven by low unemployment and increased business expenditures. ADR, occupancy, and RevPAR have largely returned to (and, in some cases, exceed) pre-recession levels. However, development remains at a standstill; we are unaware of any significant projects under (or nearing) construction.
Two major projects have been announced for Downtown Boise: a 7-story, 104-room boutique hotel (Inn at 500 Capitol); a 10-story, 180-room, upper-end hotel; and a 300-room, full-service hotel. Downtown Boise has become supply-constrained, and has not had a major new hotel built since the Hampton Inn in 2007 (and lacks any upscale hotels). These projects all need to be approved, and will realistically not come online for another 1.5 to 2 years. In the coming years, we anticipate that hotel development will move to suburban locations, notably Meridian and Nampa, which have significant suburban employment bases that have been growing in recent years.
Download the full version PDF of this Local Market Report below. It includes graphs and tables.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.