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IRR-Hartford Mid-Year Viewpoint 2015 Local Market Report - Lodging

08/05/2015
Published By: Integra Realty Resources

Market Commentary

Greater Hartford hotels filled up 51 percent of their available rooms this year through February, compared to 48 percent from the same time period last year.

Average daily rate for local hotels was $103.50 year-to-date through February, a slight increase from $100.00 in February, 2014, while non-chain affiliated facilities brought in about $60 per available room

Improving employment and the national recovery are helping to fill rooms pushing occupancies and ADRs up. Major projects like UConn Health Center's $864 million expansion and the development of Jackson Laboratories are positive developments for the state.

The recent recession has not been kind to the hotel industry in downtown Hartford.  In 2010, the owners of the former Crowne Plaza hotel just north of downtown filed for bankruptcy, and subsequently lost that property to foreclosure. The hotel now has a Ramada flag and was recently taken over by a new ownership group which has promised to make significant renovations to the property. The property was re-flagged as a Radisson in 2014.  The 124-room Goodwin Hotel, owned by Northland Investment Corp., closed its doors in 2008 after suffering millions of dollars in losses and remains closed.  The Hilton Hotel in downtown Hartford had to be bailed out by the city in 2010, after nearly being forced to close its doors.

Officials hope the state's multimillion tourism campaign, relatively low gas prices, and increasing consumer confidence could further boost the Connecticut hotel industry, but economic uncertainty could hinder the market going forward.

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Download the full version PDF of this Local Market Report below to see the charts, graphs, and tables not included above.

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.

Release Date08/05/2015 - 14:30

Source

Integra Realty Resources

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