IRR-Charlotte Mid-Year Viewpoint 2015 Local Market Report - Lodging
The Charlotte lodging industry continued to see sustained increases in overall occupancy, ADR and RevPar into 2015. Full year occupancy looks to be up approximately 8.4% over 2014, with ADR up an additional 7.3% leading to a projected RevPar increase of over 16% over last year. 2014 and the first quarter of 2015 has year has been helped by only modest supply growth, which has fueled the growth in all three indicators.
Looking forward over the next few years, supply is expected to increase moderately with the addition of a number of both full and limited service hotels in a variety of the city’s submarkets. The “Uptown” or Central Business District expects to see significant increases in supply as corporate business travel remains strong and area attractions such as the NASCAR Museum and new BB&T Ballpark continue to create demand for rooms.
Charlotte's CBD, Midtown and Southern submarkets have 2,060 hotel rooms planned or under construction as of the first quarter of 2015. In addition, the Charlotte Hornets recently changed their name from the Bobcats, which immediately spurred more interest in the NBA team. Charlotte continues to build off the gains from hosting the 2012 Democratic National Convention and is slowing gaining more and more national publicity as a number of corporate headquarters as well as major events have shown recent interest in the Queen City. This interest has done nothing but spur further demand for all types of hotel properties throughout the Charlotte market area. It is expected that demand will remain high for the Charlotte lodging industry throughout 2015.
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.